The coin's current price is about $6.38, with a total loss of 0.94% during the intraday trading session.
The bears have taken control of the Polkadot market. Polkadot's price drop is a significant success for the bears. Given how successfully the bears are executing each strategy and the price's continuous slide, it appears that the bulls have given up for the day. Because the bull isn't moving, the bears are making significant progress toward their targets and attaining them rapidly.
The bears' efforts have now come out, giving investors a cost effective investment. Investors are hoping for a downward trend now that the coin has started a negative trend. Now we must wait and see what the bulls do next.
Polkadot price analysis on the 4-hour price chart shows that the coin has dropped for the day as the price is decreasing, but bulls are also attempting to make a comeback, Nonetheless, the price has not yet been raised; a very little green candlestick can be seen on the chart, which is a positive indicator; however, breaking out of the bearish cycle remains difficult due to the slow price oscillations. If the selling pressure continues, the last green candlestick may turn red.
DOT is behind by a daily moving average of 20, 50, 100, and 200 days. The fall of the exponential moving averages of 20 and 50 days generated a negative cross. The decline in volume reflects the increasing selling pressure.
The technical indicator displays the following information: A negative cross is indicated by the prior crossing of the MACD signal. The relative strength index has reached a flat zone. The current value of the RSI is 37.90, which is lower than the average RSI of 41.87. The Stoch RSI is presently below the average Stoch RSI, indicating that the market is sold zone. The present Stoch RSI is 9.92, while the average Stoch RSI is 19.14, indicating that the RSI may return to the overbought zone.
The one-day and four-hour Polkadot price analysis indicates that the cryptocurrency is on a downward trend, with bears in control. The bears have managed to reduce the coin's value to $6.38. The currency is predicted to fall in value since market selling activity is severe, and technical indicators are also pointing in the bears' favour.
According to Price Analysis, The market capitalization of this DOT is estimated to be $7,133,361,043. The 24-hour trading volume for the coin is around $295,245,157. DOT market capitalization has fallen by 0.93%. However, trade volume decreased by 28.70% during intraday trading. The market capitalization to volume ratio is 0.04139.
On the upside, the price is facing resistance at $6.60. The major resistance is found near $$6.80. A break over $6.80 might jump a strong rise towards $7.20. Any more advances might open the door for a move towards the $8.00 level.
If DOT fails to break through the $6.60 resistance level it may begin a new fall. On the downside, The next major support level is at $6.00. A breach below the $6.00 support level may increase selling pressure. DOT's price might fall to around $5.00 in the near future under the aforementioned scenario.
KEY LEVELS :
RESISTANCE LEVEL : $6.60-$7.20
SUPPORT LEVEL : $5.80-$5.00
Will the Bear, in his mood, breach the neckline of Head and Shoulder of DOT? What are your thoughts on this?