- Polkadot price analysis is bullish today.
- PolkaDot (DOT) is highly volatile today.
- We may see a sideways movement in the Polkadot market.
DOT/USD started off the daily price analysis chart in a bearish trend. The sellers send the price downwards, forming several inverted triangles.
Polkadot price is expected to continue dipping in the next 24 hours as the bears break the daily support.
ON the 5-day DOT/USD price analysis chart, The RSI was seen hovering towards the overbought region. This suggests that the market has generally been bullish in the past week. The long-term technical indicators show that the bull market that saw its way last month might continue through the year.
The 50-day Moving Average has crossed over the 100-day Moving Average, signaling a potential bull market in the subsequent trading sessions.
The two most significant digital assets are trading in losses as the sellers control the entire cryptocurrency space leading to price dips. Bitcoin is down by -2.03 percent, while ETH has dropped by -5.21 percent. Other altcoins are also trading in the same trend, recording massive price deviation. The meme coin has recorded more than -15 percent price decline while Solan is trading at -12 percent. Despite most digital asset trading being bearish, some coins have recorded significant price gains in the last 24 hours. FTT is the hottest gainer of the day, recording a 20 percent price surge.
DOT/USD 4-hour chart: Polkadot starts to retrace
Over the next several days, we may see a sideways movement in the Polkadot market, as shown by the 4-hour Polkadot price analysis chart.
DOT/USD 4-hour chart. Source: TradingView
The price of Polkadot has skyrocketed in the last few days. After establishing a higher low around $23.5 on August 26, DOT/USD advanced further momentum this week.m.
The decline then became slower, with a somewhat higher high being formed, suggesting exhaustion, as DOT had risen approximately 45 percent. This price movement has slightly decreased during the previous 24 hours, with $32 serving as support.
However, as bulls are likely to be weary, we anticipate DOT/USD to recover next week and regain some of the gains made this week. The next support level is $30, with additional support at the $29 previous swing high.
The moving average (MA) is presently at $24.58, which is also greater than the price level. The relative strength index (RSI) is in a bearish position to the centerline with a score of 47 and on a downward slope, indicating an even more bearish signal.
Polkadot Price Analysis: Conclusion
A retracement is coming, according to Polkadot price analysis. With a downward price movement suggesting that a retreat is on the way, we anticipate DOT/USD to drop further over the next 24 hours, stopping at $30 as support.
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