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Polkadot price analysis shows a bearish trend taking shape, as price dropped more than 4 percent over the past 24 hours to move down to $6.1. Yesterday&#8217;s dip from $7 left DOT price at $6.25, with the token enduring a 10 percent decrement. Polkadot had seen a volatile period earlier in the month, with price first rising up to $6.5, before dropping and picking up again to move up to the $7 resistance. With the current decline in place, DOT is supported at $6 with price expected to remain above this price point. Polkadot retains a market cap of $7,958,036,384 with the 11th rank in the cryptocurrency market. 



The larger cryptocurrency market also showed bearish domination across the board, with <a href="https://www.cryptopolitan.com/bitcoin-price-forecast/?swcfpc=1">Bitcoin</a> sliding down 3 percent to $28,200, and <a href="https://www.cryptopolitan.com/ethereum-price-prediction/?swcfpc=1">Ethereum</a> dropping below the $2,000 mark. Among leading Altcoins, <a href="https://www.cryptopolitan.com/xrp-price-prediction/?swcfpc=1">Ripple</a> dipped 4 percent to $0.47, whereas <a href="https://www.cryptopolitan.com/cardano-price-prediction/?swcfpc=1">Cardano</a> moved down to $0.40 with a 2 percent decline and Dogecoin crashing 4 percent to $0.08. 



<figure class="wp-block-image size-large"><img width="1200" height="487" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-1200x487.png" alt="Screenshot 2023 04 20 at 10.50.53 PM" class="wp-image-292872" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-1200x487.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-300x122.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-768x312.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-1536x624.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-2048x832.png 2048w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-24x10.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-36x15.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-48x19.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-20-at-10.50.53-PM-150x61.png 150w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption>Polkadot price analysis: Cryptocurrency heat map. Source: <a href="https://coin360.com/" rel="nofollow noopener" target="_blank">Coin360</a></figcaption></figure>



<h2 id="polkadot-price-analysis-price-goes-below-moving-averages-on-daily-chart">Polkadot price analysis: Price goes below moving averages on daily chart</h2>



On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a steep downtrend over the past 48 hours after dropping from the $7 resistance. DOT currently finds support at $6, with price carrying potential to move further below this point. After yesterday&#8217;s price action, Polkadot price moved below its 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $6.49. 



<figure class="wp-block-image size-large"><img loading="lazy" width="1200" height="813" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-1200x813.png" alt="DOTUSDT 2023 04 20 22 55 25" class="wp-image-292873" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-1200x813.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-300x203.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-768x520.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-24x16.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-36x24.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-48x33.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25-150x102.png 150w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/DOTUSDT_2023-04-20_22-55-25.png 1530w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption>Polkadot price analysis: 24-hour chart. Source: <a href="https://coinmarketcap.com/currencies/polkadot-new/" rel="nofollow noopener" target="_blank">Trading View</a></figcaption></figure>



The 24-hour relative strength index (RSI) can be seen forming a distinct dip in market value since April 18, reciprocating the price decline. The RSI currently sits at 42.79, and could be heading further into the oversold zone before price find the next uptrend. The moving average convergence divergence (MACD) curve also shows a bearish divergence in place, with the trend line crossing below the signal line. 



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.

Polkadot price analysis: DOT faces steep decline after crashing from $7

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