Polkadot price analysis: DOT prices consolidate around $5.21 amid bearish winds

polka dot price Analysis shows that the DOT/USD pair is facing a bear market as it has dipped below the $5.25 mark. The key support level for the pair is present at $5.13, and if this level is broken, the pair can drop to the support level of $5.00. On the other hand, the resistance level is at $5.24, and if the bulls can push the price above this level, the pair can rally to the resistance level of $5.30.

Moles it seemed to be in a bull market as it was trading above the $5.24 mark. However, it seems that the bears have gotten the upper hand as the price has dipped below the $5.25 mark. However, since then, the token has been on a downward trend and has lost more than 0.37% of its value. At the time of writing, DOT/USD is trading at $5.21 and is facing a bear market. The digital asset market has been facing a lot of volatility in recent days, and DOT is no exception.

Polkadot Price Analysis on a Daily Chart: Bears insist on pushing DOT below $5.21

on day 1 polka dot price analysis chart, we can see that DOT has formed a descending triangle pattern. This is a bearish pattern and indicates that the bears are in control of the market. The price has been struggling to break out of the $5.24 resistance level for the past several hours, and as a result, the token has started to fall. The market 24-hour trading volume for the pair is $175,382,696, while the market capitalization is $5,977,984,943.

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

The Relative Strength Index for the pair is at 44.41 and is in the oversold region, indicating that the token may see some buying pressure soon. The Moving Average Convergence Divergence indicator is in the bearish zone and is indicative of a continued downtrend. The Bollinger Band indicator shows that the price is close to the lower Bollinger band, which is a bearish sign.

DOT/USD 4-Hour Price Analysis: Latest Developments

The 4-hour Polkadot price analysis chart indicates that the price is currently trading below the $5.21 level and may drop as low as $5.13 if the $5 support level is broken, 13. The bulls tried to push the price above the $5.34 resistance level, but were unsuccessful. The upper Bollinger band is currently at $5.34, while the lower Bollinger band is at the $5.07 mark.

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

The Relative Strength Index for the pair is currently at 50.32 and is in the neutral region, indicating that the market may see some sideways action in the near future. The MACD indicator is currently in the bearish zone and the signal line is below the histogram, indicating a continued downtrend.

Polkadot Price Analysis Conclusion

Polkadot price analysis reveals that the cryptocurrency is currently in a bear market, with the price of the coin oscillating lower and trading at the $5.21 mark. There are chances of a further decline as the price has declined for the past few hours. We expect DOT/USD to float above the support level of $5.13 and can rally to $5.10 in the near term. Technical indicators are currently bearish and a breakout or bounce is expected before any investment decisions are made.