As of now, the data surrounding Polkadot (DOT) shows that it has been experiencing a demise in its price. The Head & Shoulders (H&S) pattern seems to be sharing a negative trend in terms of DOT’s price.
The pattern shows that the price of DOT ended up breaking down on November 30, 2021. As a result, its price came below the $38.70 per DOT figure. The pattern shows that the price of DOT even fell below the 100-day SMA for the currency. As of now, the 100-day SMA for DOT was $37 per DOT figure.
Furthermore, the H&S pattern suggested that the price of DOT would be pulled down even further. The analysts had predicted that the bears would proceed with dragging the price of DOT, much lower than the $37 per DOT figure.
The data suggested that the price of DOT would be dragged down to a figure of $32.21 per DOT. Even now, the bears are very strong in dragging down the price of DOT even further.
The performance graph for DOT shows that the bears were successful in pulling down the price of DOT. As it happened, the price of DOT came below $26 per DOT. This is exactly what the analysts had predicted in their price analysis for DOT.
Since then, the selling for DOT intensified, and the strong support from bears ended up breaking the $26 per DOT benchmark. The data suggests that the price of DOT had been downsloping ever since it reached its $39 per DOT figure. The $39 per DOT figure suggested that it was the 20-day EMA for the digital asset.
Even now, the RSI for DOT is in the negative trend. This means that the Polkadot price is still in the hot water for the bulls. The bears still have the upper hand and they have been dragging the price of DOT to a lower figure.
The graph suggests that the RSI for DOT may not leave the negative territory anytime soon. This may keep the price of DOT at a low figure.
The analysts have also made a converse prediction surrounding the price of DOT. They have made a prediction in regards to DOT crossing the 20-day EMA. They predicted that if DOT manages to cross the 20-day EMA figure, it may reduce the selling for DOT at lower levels.
The breakthrough from the 20-day EMA figure will help DOT cancel the pressure that the major bears have been exerting on DOT. In case DOT crosses the 20-day EMA figure, it would provide DOT with a cushion, and help it grow further. If that happens, the price of DOT may cross the $43 per DOT figure, which is the 50-day SMA.