Polkadot Price Analysis: DOT Struggles to Hold $7 as Bears Step In

By September 18, 2022Polkadot
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Polkadot price analysis: DOT struggles to maintain $7 $8.41 as bears intervene

Polkadot price analysis shows that the price function is again facing bearish resistance after the bearish trend has returned to the market. The price retreated to the $7.01 level in the last 24 hours and it is expected to decrease further in the coming hours. There have been constant trend reversals as the past week has seen ups and downs in price action with the balance of power favoring the bearish side and today the bears are back on top. The chances for the bulls to find a bounce today are getting worse and the coin could soon drop into the $6 area.

DOT/USD 1-day price chart: cryptocurrency takes damage again

Polkadot 24-hour price analysis shows that the bears are making a comeback and took the price down to the $7.01 level today. Yesterday’s uptrend was interrupted by a bearish strike, and today the price is down again as the coin lost 0.12 percent of face value over the past 24 hours. Expect another trend reversal in the coming week as the price fluctuates constantly. The moving average (MA) indicator on the one-day price chart shows its value at $7.26, which is higher than the current price, but it could soon drop below the SMA 50, which will be a bearish hint.

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

The volatility level has been the same over the past 24 hours as the Bollinger Bands maintain their spacing. The top of the indicator is at $7.82, which represents resistance, and the bottom at $6.69 represents support. The Relative Strength Index (RSI) reading is in the lower neutral zone at Index 43, which is still a good reading, but the indicator’s slight downward curve suggests selling activity in the market.

Polkadot price analysis: Current developments and further technical indications

The 4 hour price chart for Polkadot price analysis shows that the price has gone down for up to four hours at the start of today’s trading session as the price breakout to the downside. However, in the last four hours, the price started to rally again, suggesting that the bulls are looking for a takeover, however, the bears are still in a more dominant position. The moving average is trading at a position of $6.80 on the 4-hour chart.

DOT/USD 4 hour price chart. Source: TradingView

The SMA 50 curve is trading above the SMA 20, confirming major bearish pressure on the cryptocurrency. Volatility has decreased as the upper Bollinger Band value is now $7.17 while the lower one is $6.80. The RSI score has been declining but now it has risen to index 45 which indicates buying activity in the market.

Polkadot price analysis technical indicators are showing bearish signals as the cryptocurrency is already under bearish influence. There is only one indicator giving the buy signal, 10 indicators in the neutral position and 15 indicators giving the sell signals.

Conclusion of the Polkadot price analysis

The price has suffered a loss in the last 24 hours as per the 1-day and 4-hour Polkadot price analysis. The bears are struggling to maintain their upper position on the price charts and have pushed the price down to the $7.01 level. Another fall in coin value is highly likely in the coming hours as the hourly prediction favors the bearish trend following a steady fall in coin value. Polkadot appears to be strictly zoned as of now and may remain in the same zone for today.

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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