Polkadot Price Analysis: Price Drops to $7.27 as Bears React

By September 3, 2022Polkadot
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Polkadot Price Analysis: Price Drops to .27 as Bears React

According to Polkadot price analysis, the bears have once again taken over the market as the price declined slightly today. After the last three days of continuous bullish activity, the price function has rebalanced again and the price declined to the $7.27 level. Thus the bears are currently holding their lead after a gap in the return and price ratio. If bearish pressure persists, it can be expected that the cryptocurrency could suffer further losses in the coming hours. On the other hand, as we saw yesterday, there is a strong possibility of a trend reversal in favor of the bulls.

DOT/USD 1-Day Price Chart: Price is currently trading in the red

The 24-hour Polkadot price analysis shows a sudden drop in DOT/USD price in the last 24 hours as the price dropped to $7.27. Although there has been a steady change in trend over the past few weeks, today’s trend has proved to be highly helpful for the bears. At the same time, the past three days of bullish activity has enabled the coin to report a gain of 4.93 percent over the past week, indicating a bullish trend for the cryptocurrency as the coin was previously at a loss. The moving average (MA) is present at the $7.10 level on the one-day price chart.

DOT/USD 1-Day Price Chart. Source: TradingView

Volatility is decreasing. So it can be expected that the current correction may not last long. The Bollinger Bands indicator sets the following values ​​for the day; The upper price represents resistance at $8.64, while the lower price represents support at $6.38. The index has dropped to 44 as the Relative Strength Index (RSI) score declined, which indicates selling activity in the market.

Polkadot Price Analysis: Recent Developments and Further Technical Signs

The 4-hours price chart for Polkadot price analysis shows that the price has seen a significant drop in the past few hours. The price declined to the $7.27 level as the bearish wave turned strong over the past few hours. However, this strong correction appears to be a reaction from the bearish side to an abrupt move towards $7.54. The correction was evident as the value of the cryptocurrency has deteriorated to prior levels; However, the price is currently rising as the correction seems to be coming to an end. If we go ahead and talk about the moving average indicator, its price is fixed at the mark of $7.29.

DOT/USD 4-hour price chart. Source: TradingView

A crossover between the SMA 20 and the SMA 50 occurred in the early hours, which is once again a bullish signal. Moving on, the Bollinger Bands indicator values ​​have also changed as the upper price is now at $7.46, and the lower one is at $6.90. The RSI score is rising again, and the index is now at 53 levels as the buying activity has resumed.

Polkadot Price Analysis Conclusion

Polkadot price analysis for one-day and four-hourly predictions that the current bearish trend is coming to an end today as the price starts to recover again. This can be confirmed by the appearance of a green candlestick on the 4-hours chart. However, the bears managed to bring the price down to $7.27 which was highly expected. Currently, the buying activity has resumed, and we can expect the coin to continue its upward trend today for the coming hours.

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.

Source: www.cryptopolitan.com

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