Polkadot price analysis: DOT/USD consolidates near $6.67 amid bearish winds

Polkadot price analysis reveals that the DOT/USD pair is consolidating around $6.67 today after a slight pullback from yesterday’s high at $7.19. The bulls had earlier pushed the price up to this level following a period of sideways trading between $5.50 and $6.50. The Resistance for DOT/USD is set at $7.19 while support lies at the $6.64 level.

Cryptocurrencies price heat map, source: Coin360

The bulls had earlier attempted to push prices above the $7.19 resistance but were met with strong selling pressure that has resulted in the current consolidation. The price for DOT/USD has decreased by over 6.22 percent in the past 24 hours and is currently trading at the $6.67 mark.

Polkadot price analysis on a 1-day price chart: Bears adamant on pushing prices below the $6.67 level

On the 1-day chart, Polkadot price analysis reveals that the price had earlier found support at around $6.64 as it attempted to make a comeback from the sell-off that saw prices tumble below the $6 level. The buyers have since pushed prices up to the current level where DOT/USD is trading at $6.67.

DOT/USD 1-day price chart, Source: TradingView

The 50-day moving average is presently providing support for the bulls as they attempt to push prices higher and the 200-day moving average is also trending above the current price level. The RSI indicator is presently at 47.48 and is slowly moving towards the overbought region, which could signal that the bulls are gaining strength. The moving average convergence divergence indicator is presently in the bearish zone but is slowly moving towards the bullish zone.

Polkadot price analysis on a 4-hour price chart: DOT/USD consolidates around $6.67

The 4-hour Polkadot price analysis reveals that the price action is trading within a descending triangle pattern. The bears gained control of the market following the breakdown of the ascending triangle pattern that had formed in the last few days. The price action has since been trading between the $6.64 and $7.19 levels which are the support and resistance levels respectively.

DOT/USD 4-hour price chart, Source: TradingView

The MACD indicator line (blue) is presently above the signal line but is slowly moving towards it which could signal that the sellers are losing momentum. The RSI indicator is presently below the 50 level which indicates that the market is presently in the bearish zone. The price action is presently trading below the 50-day moving average and the 200-day moving average which is both trending downwards.

Polkadot price analysis

In conclusion, Polkadot price analysis reveals that the bulls are struggling to push prices above the $7.19 resistance level as the bears maintain control of the market. DOT/USD is presently consolidating around $6.67 and a breakout from the descending triangle pattern could see prices move either upwards or downwards. A move below the $6.64 support level could see prices tumbling towards the $5 level while a move above the $7.19 resistance level could see prices rallying towards the $7.50 level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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