With all of the talk about Polkadot, a lot of people have been asking “How is it possible that a new blockchain project can be so promising, and still be so undervalued? The answer is that the market is placing a very low value on the project itself. If the project was a stable company, with a healthy operational structure, then investors would be more willing to accept this as the price of the project.
The market has been in an uptrend lately, with the price of DOT doubling from $0.12 to $0.25 in the last 4 weeks. The project has seen a lot of hype and a ton of media attention, and many are looking for the project to finally succeed and beat all the skeptics. However, the project is still very much in its early days, and so the price could still fall back to $0.1 for a while.
TL;DR Breakdown- The crypto market is bearish today
- DOT/USD is trading between $15.52 and 15.14
- Unlikely to retrace to $17.66 overnight
- Further downtrend is expected
Our Polkadot Price analysis reveals that the market today is bearish due to the lower lows a few hours ago. Through the remaining part of the day, a further downtrend is expected as the resistance still seems high, with the RSI indicating a slightly undervalued market.
Polkadot Price Chart by TradingView
A bearish downfall is observed in the 8th hour followed by some bullish momentum 4 hours later. However, the resistance is huge right now, which could lead to another downtrend in the coming few hours.
Currently, the RSI curve on the 4-hour chart is set at around 40, which indicates that the market is slightly undervalued. After a consistent decrease, the curve has become somewhat constant which might be a good sign for stability.
However, from here, the market could improve, and the DOT/USD price could become bullish. Nevertheless, even after a bull run, it seems unlikely that Polkadot will retrace to $17.66 (7th of July high) throughout the next week.
Overall, there is a bearish sentiment in the market today. Similar patterns are seen throughout the last few days. This might be a good time for short investments as the market is expected to shoot up sooner or later after the resistance becomes exhausted.
Currently, there is plenty of indecision in the market as Polkadot seems to have reached a support line of $15.1. At this point, investors might be more inclined to make short-term profits, resulting in short bullish bouts. However, whether that will happen or not is unclear.
Polkadot Price Analysis: Conclusion
Overall, DOT/USD is quite bearish today. While there are chances that the market will recover as Polkadot seems to have reached the $15.1 support line, a significant increase seems unlikely in the next few hours.
Perhaps later this week, resistance may decrease. But as of now, the Polkadot price analysis shows that high resistance is overcoming all short bullish bouts resulting in further downfall.
While you wait for ADA/USD to climb back to $17.66, you might want to read out comprehensive guides about Cardano staking and Bitcoin fees.
Disclaimer. The information provided is not trading advice. .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.
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