Polkadot price analysis: DOT price reduces to $6.92. Can bulls reclaim $7?

By September 16, 2022Polkadot
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The Polkadot worth evaluation exhibits bearish worth motion right this moment, because the coin has damaged beneath the $7 psychological mark. Bears have coated a variety downwards since yesterday because the DOT worth has come right down to $6.92. The coin could get help quickly, as the worth motion is low right this moment and this present worth stage has proved to be a robust help through the previous weeks. On the identical time promoting strain can be excessive above $7 vary which is why bulls have been unable to uplift worth above $7.75.

DOT/USD 1-day worth chart: Weekly loss nears double digit

The 1-day Polkadot price evaluation exhibits the coin is constant draw back beneath the $7 psychological mark as it’s buying and selling palms at $6.92 on the time of writing. Bulls and bears have been exchanging positions since yesterday, however total, the stability of energy is in direction of the bearish facet. The DOT/USD pair reviews a deficit of 1.24 p.c in worth worth for the final 24 hours, and the weekly loss has elevated to 9.71 p.c for the previous week. The buying and selling quantity has additionally decreased by 0.75 p.c, and the market cap has decreased by 1.04 p.c right this moment.

DOT/USD 1-day worth chart. Supply: TradingView

The DOT exhibits comparatively gentle volatility vary as urged by the Bollinger bands, with the higher band current on the $7.83 stage representing resistance and the decrease band current on the $6.69 stage representing a help zone for the falling DOT/USD pair. The common line of the volatility indicator is forming on the $7.26 mark above the cryptocurrency worth stage.

The relative energy index (RSI) rating is slowly reducing because the RSI is buying and selling on a downwards slope. The RSI is buying and selling within the decrease half of the impartial area at index 40, indicating the promoting exercise out there.

Polkadot worth evaluation: Latest developments and additional technical indications

The 4-hour worth chart for Polkadot worth evaluation exhibits the coin is within the loss for the day as the worth is on the reducing facet, however bulls are additionally attempting to make a comeback, however but the worth has not been uplifted, nonetheless, a really small greens candlestick is seen on the chart which is a hopeful signal however to come back out of the bearish cycle appears troublesome as the worth oscillations are gradual. The final inexperienced candlestick may flip purple if the promoting strain continues.

DOT/USD 4-hours worth chart. Supply: TradingView

The volatility can be excessive on the four-hour chart because the Bollinger bands present the next readings, the higher band is on the $7.69 stage representing resistance for the coin, and the decrease band is on the $6.68 stage, which represents help for worth, the imply common of the indicator on the $7.18. The RSI can be hovering at a straight line at inde 35 hinting at a contest between the sellers and consumers.

Polkadot worth evaluation conclusion

The Polkadot worth evaluation is on the bearish facet, and the coin is underneath market strain proper now. If bulls reach getting extra help, then the worth could recuperate above $7. Alternatively, if the bearish strain continues, then the worth could shut in $6 vary right this moment. There are extra possibilities for the later scenario because the bears are having an higher hand in the mean time.

Disclaimer. The knowledge supplied isn't buying and selling recommendation. Cryptopolitan.com holds no legal responsibility for any investments made primarily based on the knowledge supplied on this web page. We strongly advocate impartial analysis and/or session with a certified skilled earlier than making any funding choices.

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