Polkadot price analysis: Polkadot price to fall to $24

TL;DR Breakdown

• Polkadot price is expected to fall to $24
• The closest support level is at $21.5
• Polkadot price is facing resistance at the $26

Polkadot price has finally gone past the $24 mark and strong bullish momentum has carried the price to above the $25 mark. Polkadot price records an over 19 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 days with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 1.47 and a 4.03 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 2.17 and a 4.99 percent hike.

Technical indicators for DOT/USDT

Across the technical indicators, the MACD shows declining bullish momentum as observed in the decreasing size of the light green histogram. The indicator saw a bullish reversal 2 days ago and has been increasing steadily however recently bullish momentum has started to decline as the indicator oscillates around the 0.75 mark . Across the EMAs, the 12-EMAis trading above the 26-EMA, and the difference between the two is currently significant.

The RSI broke out of the neutral region into the overbought region yesterday but has since dropped back into the neutral zone. The indicator currently trades below the 68.00mark and moves downwards suggesting a bearish presence at the current price level. However, the RSI trades with a low slope suggesting low bearish momentum as the buyers appear to be fighting back.

The Bollinger bands are currently wide and will converge in the future due to the presence of dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Polkadot price. Meanwhile, as the price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 12 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only seven indicators issue sell signals suggesting a bearish retracement. Meanwhile, seven indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 10 of the 26 indicators suggesting a bullish movement against only seven indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Polkadot price?

Polkadot price is currently facing resistance at $26 mark and is expected to fall to $24 before any kind of bullish rally.Moreover the short term technical indicators and the midterm technical describes a bullish trend hence after reaching the $24 an upward movement is expected and Polkadot price may rise to challenge the $26 again

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.

Source: https://www.cryptopolitan.com/polkadot-price-analysis-2021-06-15/