Polkadot Price Analysis: Price drops to $7.27 as bears react

By September 3, 2022Polkadot
Click here to view original web page at thecoinbaskets.com

The price has fallen slightly again today as the bears once again took charge of the market, according to Polkadot’s price analysis. After the continuous bullish activity of the last three days, the price function is again unbalanced and the price has been pushed down to the $7.27 level. The bears thus maintain their lead at the moment after making a comeback and a difference in the price ratio. It can be expected that the cryptocurrency could face further losses in the coming hours if the bearish pressure continues. On the other hand, as we saw yesterday, there are eminent chances for a trend reversal in favor of the bulls.

DOT/USD 1-day price chart: Price still trading in red

The 24-hour Polkadot price analysis shows that a sharp drop in the DOT/USD price has been recorded in the last 24 hours as the price dropped to $7.27. Although the trends fluctuated continuously in the last few weeks, today’s trend has proved very supportive for the bears. At the same time, the bullish activity in the last three days has allowed the coin to report a profit of 4.93 percent for the last week, which suggests the bullish trend of the cryptocurrency as the coin had previously lost. The moving average (MA) is present at the $7.10 level in the one-day price chart.

DOT 1qw
DOT/USD 1-day price chart. Source: TradingView

Volatility has been decreasing. It can therefore be expected that the current correction may not last long. The Bollinger Bands indicator dictates the following values ​​for the day; the upper value is $8.64 representing the resistance while the lower value is $6.38 representing the support. Score for Relative Strength Index (RSI) has dropped up to index 44 due to the downward trend, which suggests selling activity in the market.

Polkadot Price Analysis: Latest Developments and Additional Technical Indications

The 4-hour price chart of Polkadot price analysis shows that a huge drop in price has been observed in the last few hours. The price has dropped to the $7.27 level as the bearish wave has been quite strong in the past few hours. However, this strong correction appears to be a reaction from the bearish side to the sudden move towards $7.54 from the bullish side. The correction was obvious as the value of the cryptocurrency has deteriorated to the previous level; but the price is currently rising as the correction seems to be over. If we go further and talk about the moving average indicator, then its value is settled at the $7.29 mark.

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

A crossover between the SMA 20 and SMA 50 occurred in the previous hours, which is again a bullish sign. Continuing, the Bollinger Bands indicator values ​​have also changed as the upper value is now at $7.46 and the lower value is at $6.90. The RSI score is rising again and now it is at index 53 levels as the buying activity started again.

Polkadot price analysis conclusion

One-day and four-hour Polkadot price analysis predicts that the current bearish trend seems to be coming to an end for today as the price has started to recover. This can be confirmed from the appearance of the green candlestick on the 4-hour chart. However, the bears have managed to bring the price down to $7.27, which was quite expected. Currently, the buying activity has started again and we can expect the coin to continue upwards in the coming hours today.

Disclaimer. The information provided is not trading advice. thecoinbaskets.com.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.

All Today's Crypto News In One Place