Polkadot price analysis: DOT moves sideway at $7.19 as bears strive for control

By September 4, 2022Polkadot
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Polkadot price analysis: DOT moves sideway at $7.19 as bears strive for control

The Polkadot price analysis reveals that the price is facing bearish resistance once again after the bears return to the price charts. The price has receded back to the $7.19 level during the last few hours, and it is expected that it may go through further decline. There have been constant ups and downs in the price movements since the past week, and today the bears are again maintaining the lead. The chances are getting dim for the bulls to find recovery as they were unsuccessful yesterday as well, and the price closed in the red. Today a further decline in price has been recorded as bulls have been unable to get into momentum.

DOT/USD 1-day price chart: DOT losses 0.57 percent

The 24-hour Polkadot price analysis shows that the bears have made a comeback and have brought the price down to the $7.19 level today. The upward trend is being constantly interrupted by bearish strikes, and today the price has gone down once again as the cryptocurrency has lost 0.57 percent value during the last 24 hours. At the same time, the coin is reporting a 1.47 percent increase in value if observed over the past week.

A further shift in trends can be expected in the upcoming week as the price has constantly been fluctuating. The moving average indicator (MA) in the one-day price chart is showing its value at $7.13 as the SMA 20 is still trading below the SMA 50 curve.

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

The volatility has decreased during the last 24 hours as the Bollinger bands are converging, which means that the downfall may be of a lesser scale. The Bollinger band upper value is settled at $8.40 and the lower value at $6.46. The Relative Strength Index (RSI) score is almost neutral at index 43, but it shows a downwards slope which hints at the selling activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows the price has gone down once again after the bears managed to secure grounds on the Candlestick chart. The short-term trending line in the four hours price chart was going upwards, which has now been disturbed by the bearish influx, indicating that a downtrend has been following. Further decline in the upcoming hours is to be expected, and the price might go lower than its current level, i.e., $7.20. The moving average is at a relatively stable position as it is standing at $7.24. However, the price is recovering currently as a small green candlestick is appearing.

DOT 4f
Polkadot price analysis: DOT moves sideway at $7.19 as bears strive for control 2

The volatility is comparatively low, and now the upper Bollinger band value is at $7.48, while the lower one is at $6.96. The Bollinger bands show no significant change as of now. The RSI score has declined in the last 4-hours to index 49 as well.

Polkadot price analysis conclusion

The price has undergone a reduction in the last 24 hours, as has been confirmed from the 1-day and 4-hours Polkadot price analysis. The bears are struggling to maintain their upper position on the price charts and have taken the price down to the $7.20 level. Further decrease in the coin value is highly possible in the coming hours, as the price function is under bearish pressure, which might increase in the coming time.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.

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