Polkadot Price Prediction: DOT confirms bearish pattern after shedding 10.01% on the intraday chart

TL;DR Breakdown

• Polkadot on the daily chart is all red candles after the price declined by 10.01%
• Selling pressure seems to have heightened around $24.6 and $26.
• The coin already failed to hold and sustain support at $21, which has forced the coin to trade within the $13 and $19 range.

Polkadot Price Prediction: General price overview

Polkadot on the daily chart is all red candles after the price declined by 10.01%.  The bears are already clearing a downtrend and struggling to beat the $15 price point after undergoing a decline to its intraday low of $13.  Polkadot entered the weekend at a healthy price of $26.50 before the bulls were unable to amass enough strength to support the price above the $24 resistance. Selling pressure seems to have heightened around $24.6 and $26, which prompted a slide to $17 and then $13. 

If the bears manage to drive more sell-offs, there is a likelihood of validating a head and shoulder pattern whose lowest edge sits below $11. Dot could therefore sink even deeper and drag the price below $10.  The bulls have slim chances to regain control following a meltdown of the majority of markets.  So far, the MACD and the RSI point to a hostile region, which suggests a turn down from the moving averages and a long-term decline. 

The monthly candlestick tested retracement at the 61.8% FIB – marking territory along a relatively neutral zone and one that only gives the bulls long-term hopes of an upswing.  We can utilize the Fibonacci retracement tool to track the price of DOT and establish any chances of a price increase. If the retracement can validate the recent price movement from the 2-week low to the recent high, it will be possible for the coin to touch $62.5 and proceed to the first target of $78.47. 

We could see the market reverse the downtrend by amassing buyers from dip investors and perhaps drive the price to $20. The coin already failed to hold and sustain support at $21, which has forced the coin to trade within the $13 and $19 range. High selling pressure at $24.00 has also formed a strong resistance that’s preventing the bulls from controlling the price.

Polkadot price movement in the last 24 hours

Polkadot price has been following the same declining pattern as majority of altcoins since the mid-week crash. Wednesday’s sell-off caused the price to break below the $20 psychological support and touch $17.22. The bulls attempted to regain control and reversed the downtrend with an 80% price surge that saw the coin hit $31. However, the rally was short-lived after DOT rimmed down $10 and declined to $21.

The 24-hour chart seems to be on a trend to confirm a head and shoulder pattern. And if this pattern is complete, anticipate a downtrend and the price to break below $11. 

Polkadot price on the 1-hour chart

DOT’s 1-hour chart looks pretty bullish, with the candles activating more greens than reds. There is significant resistance at $16.5, and few sharp movements to the upper side could help break the resistance and set support at $16.8. 

Conclusion

However, the future holds lots of promise for DOT supporters especially given the user’s mind-shift from fundamental analysis of cryptocurrencies to usability and value. Blockchains such as Polkadot, Solana, Polygon, and Cardano will be adopted in big numbers,  which will boost the price. 

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-2021-05-23/