Polkadot price analysis report shows that the coin has found its support level. The bulls worked hard to bounce back yesterday, and so far, they have been quite successful as the coin declined further below $7.22 and covered the range up to $7.42. The recovery was minimal but provided support to the cryptocurrency price. Due to high selling pressure in the market, there has been a continuous downward trend for more than a week. Today the price has corrected again, and the trend is down as the coin is currently priced at $7.34.
DOT/USD 1-Day Price Chart: Selling pressure pushes the price down again
The 24-hour Polkadot price analysis shows that selling pressure is forming again as the price continues to decline. The bears have also successfully dodged the bulls which were in the lead yesterday as the market has witnessed more selling today. As the bears are taking the price function down, the price has reached $7.34; The next support for the bulls is present at $7.05. Currently, the coin is reporting a 1.15 percent gain for the last 24-hour period due to yesterday’s bullish price action. However, the coin reported a loss of 19.76 percent last week due to excessive selling pressure.
DOT/USD 1-Day Price Chart. Source: TradingView
The moving average (MA) level has also turned lower, which is present at the $8.04 mark after breaking below the SMA 50 curve. As the price has been declining steadily over the past week, the Bollinger Bands have also started expanding, indicating an increase in volatility as both of its ranges are moving away. The upper band is now present at $9.96, and the lower band is present at $7.05 which represents support for DOT. The Relative Strength Index (RSI) Score Index is back at 39 following the recent bearish trend.
Polkadot Price Analysis: Recent Developments and Further Technical Signs
The 4-hours price chart for Polkadot price analysis also confirms a bearish trend for today, as the overall momentum remains bearish for today as well. The price is currently moving up again as this area appears to be a support zone for the DOT/USD price, but the trend so far in the market is bearish from the decline seen at the beginning of the trading session. The MA price is located at $7.36 above the price level on the 4-hours chart.
DOT/USD 4-hour price chart. Source: TradingView
Volatility is decreasing, as Bollinger Bands show sharp convergence. The upper band has reached the $7.68 point, representing the resistance level of the DOT/USD pair, and the lower band has reached the $7.14 point. The RSI curve index has flattened at 34 as buying activity re-established during the last four hours.
Polkadot Price Analysis Conclusion
Daily and hourly based Polkadot price analysis is predicting a downtrend for DOT as some bullish activity has been observed during the past few hours, with the price still trading in the red. If the bullish momentum continues, the trend may shift in favor of the buyers. On the other hand, if the selling pressure takes hold over the bulls, the coin could move back into the $7.0 range.
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