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Polkadot price analysis: DOT continues horizontally in pursuit of $6 resistance

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TL;DR Breakdown

. Polkadot price has remained bearish since May 6 decline
. 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.

Screenshot 2023 05 22 at 6.59.57 PMPolkadot price analysis: DOT continues horizontally in pursuit of resistance
Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

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.

DOTUSDT 2023 05 22 19 03 45Polkadot price analysis: DOT continues horizontally in pursuit of resistance
Polkadot price analysis: 24-hour chart. Source: Trading View

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.

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.

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 decision.

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