DOT Crypto Forecast: Will Polkadot Crypto Break Below $3 Mark?

• 1 DOT crypto is below the key moving averages.
• 2 Polkadot crypto price is under bearish pressure on the daily time frame.

The price action of the Polkadot crypto shows that selling pressure was noted on the charts and that it was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.

The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, Polkadot is below the significant moving averages and tried to attain the 50-day EMA to hold the gains.

Likewise, the Polkadot showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.

At the time of writing, the Polkadot price was $3.77 with an intraday loss of -1.05%, showing bearishness on the daily timeframe. Moreover, the intraday trading volume is $74.409 Million and the market cap is $4.707 Billion.

Year-to-date, it gave negative returns of -12.53%; and -43.22% in a span of 6 months. In the last 1 month, it gave a negative return of -9.16% and -7.37% in the last seven days. Indicating a long Bearish trend continuing till now.

Technical Analysis of Polkadot Crypto Price in 1-D Time Frame

Source: Polkadot.1D.USD by TradingView

At the time of publishing, Polkadot crypto (USD: DOT) was above the 50 and 200-day simple moving averages (SMAs), which do not support the price trend. The current value of RSI is 31.52 points. The 14 SMA is above the median line at 43.43 points which indicates that the Polkadot crypto is bearish.

The MACD line at -0.08 and the signal line at -0.06 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the DOT crypto price.

4 Hour Time Frame Technical Evaluation of DOT Crypto

On the 4-hour charts, Polkadot price is bearish and did not signal a rise because of low volume levels. Moreover, a key indicator is still in the bearish range and did not signal bullishness.

The RSI curve is near 25, in the oversold range, and showed a bearish move on the short-term charts. The MACD shows red bars on the histogram with a bearish crossover but did not signal any substantial upswing.

Conclusion

Polkadot crypto (USD: DOT) technical oscillators support the bearish trend on the daily chart. The MACD, RSI, and EMAs are highlighting negative signs and imply that the downtrend might continue in the DOT crypto price. Polkadot price action suggests that the investors and traders are bearish on the 1-d time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $4.20 and $4.82.

Resistance Levels: $3.50 and $3.00.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

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