Polkadot (DOT) Dips to $6.17 Amidst Bearish Markets – Price Analysis

  • Polkadot (DOT) exhibits a bearish bias.
  • DOT/USD has support at $6.17.
  • The asset’s resistance locates at $6.31.

Polkadot price outlook shows the alt has traded low within the last few weeks and might remain around its current levels. Nonetheless, technical indicators flash trend reversal signals. The alt covers a downward channel, currently wavering beneath $6.17, reflecting a 1.12% drop.

The crypto’s support and resistance stand at $6.17 and $6.31, respectively. A break to either extreme will likely yield a massive direction for the alternative coin.

Meanwhile, the market has consolidated within a constricted range at $6.17 – $6.19, confirming that market participants are waiting for the upcoming move. DOT’s 24hr trading volume is $188 million, whereas its market capitalization wavers at $7.11 billion.

1D Chart – Bearish Trend Drags DOT to $6.17

Polkadot’s one-day price assessment displays a downward trend today as the token trades beneath the $6.17 mark. However, the market hovers in a constricted range and might maintain similar tendencies until the next DOT breakout.

Technical indicators flash mixed signals, though the momentum remains bearish. Further, the MACD (Moving Average Convergence and Divergence) sways beneath the signal line while trending downwards, showing the alt might fall further.

The Relative Strength Index stands at 66.59, showing oversold market conditions and possible bullish reversals. Nonetheless, the one-day Moving Average maintains a bearish divergence, which might indicate DOT’s price can record declines in the short term.

4Hr Chart – Bearishness Intensifies as the price Falls to $6.17 Lows

Polkadot’s 4hr analysis shows the alt wavering beneath $6.17. Moreover, the alternative crypto might hover around these zones until new breakouts emerge. The price has recorded notable declines and currently sways around the $6.17 support.

The market has endured a bear influence within the past few hours, which has made the near-term moving line sink. DOT has struggled with substantial price dips over the last four hours. DOT’s technical indicators still flash mixed signals, though the MACD is currently fluctuating into a negative region, whereas the signal line is plummeting under the MACD line.

The 4hr chart Moving Average displays visible bearish divergence. That could indicate possible price dips in the upcoming sessions. Also, the RSI stayed in the oversold area, flashing no bullish signals.

Final Thought

Generally, DOT’s price outlook shows DOT-USD traversing bearishness, and market players should be alert when executing positions. The token’s current support stands at $6.17 and resistance at $6.31.

A break to either extreme may yield a massive price move. Technical indicators print mixed signals, though the RSI and MACD levels may indicate possible bearish trends in the short term. However, DOT enthusiasts must monitor broad market cues for informed trading decisions.