Polkadot price analysis: DOT struggles to maintain $7 as bears intervene

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

The Polkadot price analysis shows the price function is facing bearish resistance once again after the bearish trend returns to the market. The price has receded back to the $7.01 level during the last 24 hours, and it is expected that it will go through a further decline in the coming hours. There have been constant changes in trends as ups and downs can be seen in the price movements over the past week, with the balance of power favoring the bearish side, and today the bears are again in the leading position. The chances are getting dim for the bulls to find recovery today, and the coin may soon dip into the $6 range.

DOT/USD 1-day price chart: Cryptocurrency sustains damage again

The 24-hour Polkadot price analysis reveals the bears are striving to make a comeback and have brought the price down to the $7.01 level today. Yesterday’s upward trend was interrupted by a bearish strike, and today the price has gone down once again, as the coin lost a nominal value of 0.12 percent during the last 24 hours. 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 shows its value at $7.26, which is above the current price, but it may soon cross below the SMA 50, which will be a bearish indication.

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

The volatility level has been the same during the last 24 hours as the Bollinger bands are maintaining their distance. The upper value of the indicator is present at $7.82, which represents the resistance, and the lower value at $6.69 represents the support. The Relative Strength Index (RSI) score is in the lower neutral range at index 43, which is still a good score, but the slight downwards curve of the indicator 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 decreased up to four hours at the start of today’s trading session as the price breakout was downwards. However, the price started to increase again in the last four hours, indicating that bulls are striving for a takeover, but bears are still in a more dominating position. The moving average is trading at a $6.80 position in the 4-hour chart.

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

The SMA 50 curve is trading above SMA 20, confirming a major bearish pressure on the cryptocurrency. The volatility has been decreasing, as now the upper Bollinger band value is at $7.17 while the lower one is at $6.80. The RSI score was declining, but now it has increased up to index 45, hinting at the buying activity in the market.

The technical indicators for Polkadot price analysis indicate bearish signals as the cryptocurrency is already under bearish influence. There is only one indicator giving the buying signal, 10 indicators in the neutral position, and 15 indicators giving the selling signals.

Polkadot price analysis conclusion

The price has undergone a loss in the last 24 hours, as has been confirmed from the 1-day and 4-hours Polkadot price analysis. The bears are striving to maintain their upper position on the price charts and have taken the price down to the $7.01 level. Further decrease in the coin value is highly possible in the coming hours, as the hourly prediction favors the bearish trend after a steady decline in the coin’s value. Polkadot seems to be strictly range-bound as of now and may remain in the same range for today as well.

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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