- Polka Dot is expected to drop to $24.00 in March.
- The closest support level is $28. The cost of the project would be $26.
- DOT meets resistance at $32
After reaching $35.0, Polkadot failed to continue its upward movement and the price fell steadily, reaching just above the $29 level. While buyers defend the $29 level, downward pressure is preventing the price from rising above $30.00.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were Ripple XRP and BNB, which fell by 7.78% and 5.66% respectively. Meanwhile, Bitcoin and Ethereum posted declines of 1.12% and 4.26%, respectively.
Technical indicators for DOT/USDT
In all technical indicators, the MACD shows a decrease in bearish momentum. Although the histogram is still red at the time of writing, its size has decreased significantly. The 26-EMA is still trading above the 12-day EMA; however, the difference between the two is negligible and they could show a reversal at any time.
The RSI is currently in the neutral zone just below the 36.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. The RSI has risen slightly again into overbought territory, indicating bullish momentum and that buyers are offering resistance.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of the band means greater volatility for the Polkadot price. Meanwhile, price is consolidating below the median band line and could start a bearish reversal at any time.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 15 of the 26 major technical indicators supporting a bearish move. On the other hand, only one indicator gives a buy signal, indicating bullish momentum. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis shares this opinion and also gives a sell signal: 13 of the 26 indicators point to a downward movement, while only seven indicators point to a rising momentum. Meanwhile, six indicators remain neutral and give no signal at the time of writing.
What can you expect from Polkadot’s price?
Traders should expect Polkadot’s price to continue its downward movement by breaking to the $24.00 level. The recent divergence at $32.00 has put pressure on Polkadot’s price, sending it towards $28.00. The short-term indicators are bearish and the medium-term technical analysis has also shown a bearish cross, indicating further decline.
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