Polkadot price prediction: Can $0.916 support hold? DOT drops nearly 10%
Polkadot (DOT) is trading at $0.964, having declined 9.57% on the day and currently sitting below its key moving averages.
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0.874
Highlights
- DOT/USD remains under pressure, trading below major moving averages and confirming a strong bearish trend across timeframes.
- Momentum and volatility indicators confirm heavy selling, with oversold conditions suggesting further downside risk dominates the near term.
- Expected short-term price range is $0.916–$1.026, with high probability of a breakdown if support at $0.916 is breached.
Sustained bearish momentum as multiple indicators confirm oversold bias
On the hourly chart, DOT/USD is trading below both the MA-20 at $1.039 and the MA-50 at $1.072, with the daily MA-200 significantly higher at $1.611. The Ichimoku Kijun line at $1.045 represents immediate resistance. MACD and ADX readings confirm ongoing selling pressure, while RSI is at 36.994 and Stoch RSI and CCI readings show the market is oversold. Bull/Bear Power and the Awesome Oscillator both reinforce a dominant seller presence, in line with strong downside momentum and high intraday volatility.
Downside risk prevails as volatility bands widen
Over the short term, DOT is expected to move within a volatility band ranging from $0.916 to $1.026. The likelihood of a move to the downside is high, with a rebound scenario considered much less probable. Should the price break above immediate resistance at $1.045, a brief bullish correction could be triggered, but failure to hold above $0.916 may result in further declines and new lows.
Earlier, analysts noted that Polkadot remained entrenched in a bearish trend due to persistent technical weakness and heavy selling momentum. The latest selloff strengthens this negative outlook, with downside risk persisting and traders advised to monitor for potential breakdowns below the $0.916 support level.
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