Polkadot price analysis: DOT set for sideways action near $15.00 before weekends sets in
3 min readTL;DR Breakdown
- Polkadot price analysis reflects DOT heading towards another decline
- Sideways trading is opening up opportunities for bears near $15.25
- Another swing down from here can breach the $13.00 level
Polkadot is close to breaking lower if the present trajectory continues. The DOT/USD pair remains near the lower end of the Bollinger Bands at $15.2792 and may break lower if the bears start another selling round. However, the price is hovering near the lower Bollinger Band and painted small green candles for the past several hours.
It must be mentioned that Polkadot has earlier defied attempts to break below $15.00 in the recent past. The cryptocurrency is well supported by the bulls close to $15.00 barrier. A dip below the current levels will take DOT to the next pivot point at $14.00, opening up doors to the $11.00 level.
As per Polkadot price analysis, moving under the $13.65 level will negate the long-term bullish trend that has been ruling the DOT/USD charts since months now. The invalidation of bullish trends will give fresh impetus to the bears to create large sell orders, which may further pressure the pair.
Polkadot price movement in the last 24 hours: Range bound and indecisive
For the past two weeks, the pair is in a definitive downtrend. The price erosion has been gradual where the price moved from the $20.80 level to the current $15.00. The stagnation has caused the pair to lose valuable volumes as bulls await concrete technical signals before embarking on long positions.
The low price level of $13.00 posted on 22 June threatened to change the long-term trajectory of the bullish trend. However, the quick recovery that ensued after 22 June has not culminated into a bullish trend according to Polkadot price analysis. Subsequently, DOT was unable to break above $16.57 resistance. As per Polkadot price analysis, it will likely be rangebound as we move near the weekend.
DOT/USD 4-hour chart: No massive uptrend within sight
A lack of volumes means negligible chances of any sharp uptrend could pierce the .786 Fibonacci retracement level at $17.00. Any bounce will be made on large volumes amid a liquidity-fuelled environment. The bulls are not likely to participate in such a frenzy as the technical indicators are yet to give a clear outlook.
The resistance and support levels are not giving any way to both the bears and the bulls. The range between $14.00 and $17.00 is stagnating for an extended period now. As per Polkadot price analysis, the 50-day simple moving average is trading close to the price, but the 100-day simple moving average is way above the current price channel.
The RSI at 50 shows no chance of any quick trend reversal. The Squeeze Momentum Indicator predicts another sluggish weekend with sideways movements. The falling price line shows extension towards the $14.00 support zone.
Polkadot price analysis conclusion: Zig-zag movement dominates charts
Polkadot price analysis indicates a massive indecisiveness in the market. Most traders are sitting on the sidelines and awaiting clear signals from technical indicators. The same is evident from thin volumes and capital inflows. It seems the current stagnation or consolidation will the theme during the upcoming weekend as well, with the price moving within a tight range of $14.00 to $17.00 level.
The traders must exercise caution while undertaking prominent long positions as the price is susceptible to breaking lower. However if the price breaks above the 50 percent Fibonacci retracement level where the $16.70 resistance lies, the bulls can expect a move towards the $20.00 resistance zone. A close above $20.00 will open up the long-term target of $25.00 level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
