- DOT Price outlook shows declines towards the $14.65 lows within the previous 24 hours.
- Polkadot meets rejection at $15.52.
- The current price oscillates near the support floor at $15.
Polkadot price outlook presents bearish signals today, following a downward move to explore the $14.65 lows. Yesterday’s upswing towards $15.60 had enthusiasts expecting DOT to accumulate more strength for an extended ascent to $16.10.
However, bears took charge around the demand territory at $15.52. For now, the alt wavers near the $15 support and might see further drops to $14.50 if it keeps the current trend in the coming 24hrs. Moreover, the alt’s 24-hour trading volume dropped by nearly 12%, whereas the market cap lost 2%.
The broad crypto market saw tokens consolidating around current prices, with Bitcoin showing promise beyond $38.5K. Ethereum’s 2% increase saw the alt nearing $3,000, as most alts presented mixed results. Ripple gained 2% to $0.61.
Cardano declined to $0.78, and DOGE surrendered 2% to explore the $0.13 mark. Also, Solana dropped over 2% toward 488 lows, while Terra’s 3% upswing took LUNA to $84.77.
Polkadot Daily Chart – RSI in Massively Oversold Area
The 24hr candle chart shows Polkadot’s price on a retracement towards the foothold near $15.02. However, traders turned to near-term profits following DOTs yesterday’s upswing to $15.50, initiating a sell-off.
That had the prices on downside actions today, exploring the $14.65 lows. The critical 50-day EMA stayed well beyond $16.33, the expected upside target if the token consolidates momentum.
The 24hr Relative Strength Index dipped into the oversold territory after plunging to 33.71. Meanwhile, the 12% decline in trading volume weakens DOT’s valuation.
Also, the Moving Average Convergence Divergence curve still forms higher lows beneath the neutral territory, highlighting further bearishness for DOT.
Trend reversals would see DOT targeting an uptrend towards the demand zone of $15.60. further upticks would see Polkadot testing the resistance at $16 before touching the 26 April peak of $16.71.
While writing this content, the global crypto market capitalization stood at $1.74 trillion, losing 1.03% over the previous day.
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