Polkadot price analysis: DOT set to face yet another rejection below $1

Polkadot price analysis seems to be turning bearish, as price action over the past 24 hours saw DOT price lower down to $8.55. This change in trend came about after a significant uptrend over the past 3 days that saw Polkadot to rise up to $8.82 from $7.70, recording a 14 percent increment. An evening star pattern can be seen emerging on the daily chart for DOT, which suggests price changing trend. A daily close below support at $7.5 could signal the end of bullish spell for Polkadot and invite more sell offs into the market.

The larger cryptocurrency market showed signs of consolidation over the past 24 hours, as Bitcoin topped up to $23,000 and Ethereum rose past $1,700. Among leading Altcoins, Cardano rose up to $0.51 whereas Ripple jumped up to $0.37. Dogecoin also consolidated around current price at $0.06, whereas Solana moved past the $40 mark with a minor increment.

Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI shows dip in market valuation following 3-day ascent

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an evening star pattern to turn bearish over the past 24 hours. DOT price rose up to $8.85 yesterday but faced yet another rejection below the $1 mark. A similar trend was observed at the end of July 2022, when DOT faced market rejection at $9.09. Price currently remains above the crucial 50-day exponential moving average (EMA) $8.22. However, any movement below support at $7.5 could trigger a further descent for Polkadot.

Polkadot price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a dip in market valuation around the current trend around the 60 mark which also shows price exhaustion into the overbought zone. Trading volume also dropped 12 percent, indicating stagnancy in price creeping into the market. Meanwhile, the moving average convergence divergence (MACD) curve continues to stay above the neutral zone currently but is forming lower highs at current trend.

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