Polkadot price analysis shows a bearish trend for the cryptocurrency as the bears are on the winning edge over the past 24 hours. Although a strong bearish wave was controlling the price action last week, today’s trend has also proved relatively in support of sellers so far. The DOT/USD price currently sits at $7.22, and a further decrease in the coin value can be expected if the bears persist. Overall the coin’s value has been falling significantly since 13 August 2022.
DOT/USD 1-Day Price Chart: Price drops to $7.22
The 24-hour Polkadot price analysis predicts a decline in the market as selling momentum remains high during the day. The bears have successfully dealt with the adverse conditions as no significant bullish attempts have been observed. The price is now at $7.22, and if further increases in selling activity are experienced, further devaluation will follow. The crypto pair has lost over 23 percent in value during the past seven days as bearish pressure was at its peak. Moving on to the moving average (MA) price which is $8.23 on the one-day price chart.
DOT/USD 1-Day Price Chart. Source: TradingView
A crossover between the SMA 20 curve and the SMA 50 curve was reported earlier yesterday, as the trends shifted towards the sellers. Volatility is increasing, which is a relatively negative sign of an upcoming market trend. The upper Bollinger Band value is now at $9.94 representing resistance, while the lower Bollinger Band value is at $7.11 which represents the support for the crypto pair. The relative strength index (RSI) is still on the d0nwwards curve at index 37, which is a lower neutral value; However, it shows the dominance of sellers in the market.
Polkadot Price Analysis: Recent Developments and Further Technical Signs
The 4-hours price chart for Polkadot price analysis is bearish as the price has declined over the past few hours. The price breakout was on an upside, but early in the trading session, as the bulls tried to recover during late last night; However, the descending curve confirms a bearish test as a red candlestick appears on the hourly price chart. The bearish momentum intensified as the price declined to the $7.22 low. The short-term trending line is also now moving in a bearish direction. On the other hand, the moving average mentioned on the four-hourly price chart is $7.22.
DOT/USD 4-hour price chart. Source: TradingView
Volatility appears to be high, which means that the ongoing downtrend is likely to increase in the coming hours. The values of the Bollinger Bands indicator have shifted such that now the upper price is at $8.66, while the lower one is at $6.74. The RSI Score index moved to 25 due to the declining wave that has continued over the past few days. The coin is still undersold on the 4-hours chart, and the RSI curve is flat, indicating a lack of bearish momentum, but bearish pressure is still weighing on the price function.
Polkadot Price Analysis Conclusion
The day and four hourly Polkadot price analysis confirms the bearish trend in the market for the day. The downtrend caused the DOT/USD price to drop to $7.22. The four-hour price chart is showing red candlesticks as the bears remained in an uptrend during the last four hours. Further decline in coin value can be expected as the selling activity continues to increase at present. However, a less downward trend of the RSI curve indicates the possibility that the coin may begin to recover if buyers enter the market.
Disclaimer. The information provided is not trading advice. assumes no responsibility for any investments made based on the information on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.