By Franklin Smith
- Polkadot outlook reveals massive bearishness.
- The alt’s resistance stands at $19.7
- The support floor sat around the $17.7 mark.
Polkadot exhibits massive bearishness as the alt suffered drastic losses today. Moreover, the crypto maintained a pessimistic rends since April 4 amid dominant downtrends. For now, bears appear desperate to drag DOT below its current price of $18.0.
Polkadot experiences increased bearishness today as DOT extended the downswings that emerged as the previous session ended. The downward vigor saw the crypto sinking beneath the volatility indicator’s lower limit, an alarming condition for the alt. Polkadot has dipped into the lower price bracket, while the support stood at $17.7.
DOT/USD Daily Chart – Polkadot Yet to Secure Sturdy Support
According to the 1-day price chart, DOT displays massive bearishness today. Polkadot maintained bearish trends over the previous week, losing significant value. That had DOT losing over 20.65% within the past seven days. Meanwhile, sellers flocking the marketplace pushed the trading volume high by 61% today, contributing to DOT’s struggle.
Meanwhile, the Bollinger bands (essential in determining market trends) show surged volatility as the top band climbed to $23.9, whereas the lower one dropped to $18.4. The intensified bearishness had DOT under the lower band, a worrying case for Polkadot buyers.
The MA crossed down the 50SMA curve to stand at $20.5, another pessimistic indication. Meanwhile, the crypto continues to lose value amid magnified selling pressure. The Relative Strength index stands at 38 while on downtrends.
Latest Price developments
The 4hr timeframe shows DOT maintained downtrends over the past 16 hours, and the situation strengthened over the last four hours. DOT suffered bearishness that saw a sudden fall to $18. The assets’ value stayed well beneath the Bollinger band bottom level. Moreover, the 20SMA traded beneath the 50SMA curve on the 4hr chart.
Meanwhile, Bollinger expanded on the 1hr chart, suggesting increasing volatility. The Relative Strength index entered the overbought region as it stayed at the 26-index, reflecting bearishness in the marketplace.
Conclusion
Polkadot’s (DOT) price analysis reveals bearish dominance as the alt see downswings. Sellers are flocking the market, and more price declines can emerge in the upcoming house if the support near 417.7 fails to hold.
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