- Polkadot price analysis for today indicates a bullish market sentiment.
- Support for the DOT/USD present at $7.50.
- DOT could resume its uptrend if it breaks past the $8 resistance.
Polkadot price analysis reveals the Polkadot market has been on a slight downtrend over the last 24 hours, with a 1.17% decline in DOT’s value. The cryptocurrency is currently trading hands at $7.75 after an initial decline to $7.50, which found support at the 100-day simple moving average.
The market’s current technical indicators show Polkadot’s bulls are losing steam as the TD Sequential indicator presents a sell signal at $7.78 on DOT/USD’s 4-hour chart. If validated, this could result in a one to four candlestick correction.
On the other hand, the Relative Strength Index indicator is holding above 50, which suggests the presence of bullish market momentum. Therefore, a breakout past the $8 resistance could invalidate the sell signal on DOT’s 4-hour chart and allow it to resume its uptrend.
DOT price action over the last 24 hours reveals a market that is still in the bullish territory as the cryptocurrency has found support at the 100-day SMA. However, it remains to be seen if Polkadot can break past the $8 resistance and invalidate the sell signal on its 4-hour chart. The current market cap for DOT is $8.541B, while the trading volume is currently at $454.028M.
On the other hand, a move below $7.50 could see DOT decline toward the $7 support. A break below this level could result in a sell-off that takes DOT towards the $6.5 level.
Looking at the other technical indicators: The MACD shows decreasing bullish momentum as the signal line moves closer to the histogram. The RSI indicator is currently holding above 50, which suggests some bullish momentum is still present in the market. The CCI indicator is currently close to the 100 level, which suggests the market is overbought.
Polkadot price analysis for today reveals the market has shifted to the bearish sentiment but still holds some bullish momentum. The DOT/USD pair is likely to resume its uptrend if the bulls can push the price past the $8 resistance. However, a move below the $7.5 support could see DOT enter a corrective phase.
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