Polkadot price prediction: DOT finds support at $32, can buyers defend the level?

Summary of the situation

  • The price of Polkadot should drop to $30.
  • The next support level is at $32. The amount of $30.00 and $30.00 below.
  • The DOT is facing resistance at $35.00 and above it at $38.

After finally breaking above $45.00, Polkadot failed to continue its uptrend and dropped just below $34.00. Although the price of the release remains just below $34.00, the downward pressure on the release is very strong and the price could drop even lower in the near future if the selloff continues.

The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. The top currencies that suffered losses were Ripple XRP and BNB, which recorded declines of -15.68% and -5.82%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of -3.54% and -6.64% respectively.

Technical indicators for DOT/USDT

According to the technical indicators, the MACD showed a bearish reversal two days ago and has remained bearish since. Although the indicator has strong downward momentum, it has fallen in the last few hours, but it remains in bearish territory. Meanwhile, the 26-EMA is above the 24-EMA, with both EMAs moving lower and the 12-EMA breaking away from the 26-EMA, which is a bullish sell signal at the time of writing.

The RSI is currently in the neutral zone just above the 32.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. At the same time, the RSI has risen slightly into oversold territory, indicating stronger bearish momentum.

Currently the Bollinger Bands are wide, but in the future they will converge due to the presence of dark red candles. The convergence of the bands means less volatility for the Polkadot price. Meanwhile, price is consolidating well below the bar centerline and will tilt downward for the next few candles.

Overall, the technical analysis on the 4-hour chart gives a sell signal, with 15 of the 26 major technical indicators pointing to a downward move. On the other hand, there is only one indicator that gives a buy signal, indicating an upward correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.

The technical analysis of 24 hours shares this opinion and also gives a sell signal: 12 of the 26 indicators point to a downward movement, while only four indicators point to an upward correction. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.

What can you expect from Polkadot’s price?

Polkadot’s price is under heavy downward pressure, but the price action finds short-term support at $32.00. However, technical analysis and bearish market sentiment point to a drop to the $30.00 level before Polkadot can recover.

On the other hand, if Polkadot stays above $32.00, the next resistance is at $35.00, then higher at $38.00.

Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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