TL;DR Breakdown
. Price remains in horizontal trend and is set to remain so
. DOT resistance set at $6
Polkadot price analysis shows price in continued bearish trend, after price lowered to $5.23 over the past 24 hours. DOT has remained in a sideways trend on the daily chart since May 8, when price was at $5.6. Since then, the token has largely oscillated around the $5.5 zone, above the $5 support and in pursuit of resistance at $6. Price at the time of writing for Polkadot is set at $5.31, with trading volume from the past 24 hours rising around 8 percent, and market cap set at $6,959,869,885.
The larger cryptocurrency market showed a mixed set of results across the board, as Bitcoin moved down to $26,800 with a minor decline, with Ethereum pushing up to the $1,800 mark. Among leading Altcoins, Ripple moved up to $0.45, with Cardano also rising 2 percent to move as high as $0.36. Meanwhile, Dogecoin made a 1 percent jump to move up to $0.07.
Polkadot price analysis: Technical indicators show minor bullish moves on daily chart
On the 24-hour candlestick chart for Polkadot price analysis, price can be largely seen trending in a sideways pattern since the turn of the month. A month-long high of $6.9 was las seen on April 19, with the token incurring a 23 percent decrement since then. With DOT remaining bearish in majority, the 9 and 21-day moving averages sit above the current price, as well as the 50-day exponential moving average (EMA) at $5.35.
The 24-hour relative strength index (RSI) also shows a continued dismal reading since the dip faced on April 18 from a high of 64. The current value stands at 40, which is gradually headed upwards to show increasing market valuation for DOT. The moving average convergence divergence (MACD) curve also shows a possible bullish divergence taking place, as the trend line crosses the signal line on the 24-hour view.
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