The Polkadot price analysis is usually bearish today. DOT/USD hasn’t found assistance yet, because the support at $33.9 has recently crashed under selling pressure. However, DOT got some assistance around $33, however the downtrend has again started as the bears took over control on the price function again.
It really is anticipated the DOT will continue steadily to get rid of value today before recovering within the next trading session.
Overall the cryptocurrency market has noticed negative sentiment with a bearish trend getting followed by most coins, like the Bitcoin and Ethereum reporting losses in one percent to six percent mostly, with some coins reporting losses around 11 percent today.
Bullish efforts declined
The 1-day price chart shows the purchase price has reduced considerably today, and Overall DOT provides been carrying out a downtrend since 9th November, once the coin began to step down from the $53 level and contains reached $33.7 during creating today. The crypto pair reports a lack of more than six percent during the last 24 hours and a lack of 19.22 percent in the last week.
The DOT/USD exchanged in a variety of $35 to $32.8 today. The investing volume in addition has decreased today, however, not much. However, the marketplace cap has decreased by 5.49 percent. Which is wii sign for the arriving day. 9 Represents a help level for DOT to carry on, 9 represents the opposition zone for DOT.
Relative Power Index
The relative power index (RSI) in addition has stooped low to index 34. The RSI still keeps its downwards slope indicating the offering activity on the market. The relocating average (MA) exists above the price degree at the $38 mark.
The 4-hour Polkadot price analysis shows the purchase price breakout was downwards right away of today’s session, & most of the damage was observed through the first four hours. Thereon some bullish efforts were observed, but bearish pressure eliminated any bullish activity and continued the downtrend.
The volatility on the 4-hour chart has increased because the upper Bollinger band has already reached $40 and the low band reaches the $31 mark, and the mean average of the Bollinger bands is forming at the $36 mark. The MA exists at the $34 mark, and the RSI still travels further low at index 33.
The Polkadot price analysis implies that the coin appears to be continuing the downtrend for today. If the purchase price comes further down, then your next support zone exists at round the $31.6 level. However, traders can get DOT to trade above the psychological mark of $30 for today.