TL;DR Breakdown
- Polkadot price is expected to fall to $12.60
- The closest support level lies at $12.60
- Polkadot price is facing resistance at the $12.87
After finally climbing past the $15 mark a week ago, Polkadot price failed to continue its bullish rally and the price has seen a steady decline and has dropped to just below $12.8.While the price at press time holds just below $12.8, the bearish pressure is increasing and the price may fall further in the immediate future if the selling continues.
Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the time frame. Major players include Ripples XRP and ADA that record a 0.77 and a 2.86 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.21 and a 3.97 percent hike.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 2 pm yesterday, since then bullish pressure is increasing steadily and the indicator is currently just below the -0.34 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI is currently trading in the neutral zone a little below the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone since yesterday. At press time the RSI has again had a small spike towards the oversold region giving a high sell signal and suggesting an increasing bearish presence at the current price level.
The Bollinger bands are currently narrow and will converge further in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Polkadot price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 10 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only seven indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 14 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing
What to expect from Polkadot price?
Polkadot price is currently facing resistance at $12.87 mark but the market shows steady bullish sentiment and so it should be able to go past it.However the short term technical indicators as well as the midterm technical indicators describes a bearish trend hence after reaching the $13 mark a downward movement is expected and Polkadot price may drop to its support level at $12.60.
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