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•DOT/USD is currently priced at $9.06 and has decreased by 8.14% over the past day
•The trading volumes have increased by 44.20% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Polkadot bulls angling for a sustained push
The Polkadot price today is $9.06 USD with a 24-hour trading volume of $455,581,469 USD. Polkadot is down 8.14% in the last 24 hours. The trading volumes have increased over the past day amid a rise in bearish activity whereas the Volume to Market Cap Ratio stands at 0.05089 for the altcoin.
According to today’s price action, should Polkadot close the day below immediate support at $8.90, it would slip back into the demand zone with the possibility of dropping further down. Increased selling pressure could send Polkadot Price tumbling down to the $8.50 support level. On the flip side the immediate resistance for the asset is placed at $9.50 which can only be scaled through a consolidated effort by the bulls. The asset is still reeling from the after effects of the shock the market experienced a few days ago as it is transacting below the 20,50 SMA on the four hour chart.
Long Term View for Polkadot Price
The technical indicators for Polkadot suggest the bearish sentiment still playing out in the market at large. The RSI line has tumbled below the 14-day average line and is currently transacting at 38.61 as the asset is yet to recover from the recent shock, with the market still favoring the bears. The green histograms have reduced in size on the daily MACD chart while the MACD and signal lines continue to transact in the negative territory. A bearish crossover is about to occur on the daily chart as a result of the waning strength of the bulls.
Conclusion
Polkadot resumed its slide on Tuesday, giving up the gains it had eked out over the weekend. The technical indicators for the asset suggest that the bearish momentum is yet to subside.
Support: $8.90-$8.50
Resistance: $9.50-$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
