AltcoinsCryptocurrencyPrice Analysis

Bearish Spree Sends Polkadot (DOT) Beneath $9.24 Support

  • Polkadot price outlook reveals downtrends.
  • DOT/USD trades at $9.32.
  • The alternative token encounters rejection near $9.54.

Polkadot’s price outlook reveals an extended bearishness as the alternative token drops beneath the support at $9.24. While publishing this content, DOT/USD traded at $9.32, down by over 1.62% over the last 24 hours. The token’s market cap hovers at $8.92B, ranking 7th in the crypto list.

DOT encounters rejection around $9.54, and bears seem to dominate the marketplace. Market participants may have to watch the support at $9.24. Losing this foothold would see Polkadot settling at $8.96. Meanwhile, bulls pushing beyond $9.54 might welcome an upside towards the resistance at $10.

DOT/USD 1 Day Timeframe: DOT 1.62% Down

The 1-day chart shows prices exhibited corrective tendencies after surging to new ATHs yesterday. The downside moves from the peaks had DOT plummeting beneath the crucial support of $9.0. Also, the token dropped beneath the 20-day MA. That saw DOT prices retesting $9.32 in the short term.

The Relative Strength Index reads at 45 and shows bearish divergence signals as the indicator drops from last week’s highs. The Moving Average Convergence Divergence remains within the bearish territory with a minor downside slope. That shows that the bearish strength prevails in the marketplace.

Polkadot 4Hr Timeframe: Bearish Trendline Intact

The 4hr chart shows a steady bearish trend line, and the altcoin hovers beneath it. The bulls could make another trial to propel prices higher in the short term. Nevertheless, bears dominate the marketplaces at the moment.

The MAs meet a bearish battle, with the 20 Moving Average beneath the 50-Moving Average. The Relative Strength Index reads 42, showing reversal signals. Also, the MACD hovers in the bearish territory while gradually heading to the centerline.

Final Thought

Polkadot price outlook indicates bearish sentiments as bears appeared visible from today’s opening. The DOT-USD tech analysis reveals that the marketplace will likely stay bearish in the short term as market sentiments remain pessimistic.

Also, the overall market showed downside tendencies. The crypto market capitalization reflects a 0.06% 24hr slide during this publication, hovering at $1.17 trillion. The metric had climbed to 1.17 trillion early today.

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