Polkadot price analysis: DOT/USD falls towards instability at $5.83

By October 22, 2022Polkadot
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Polkadot price analysis: DOT/USD falls towards instability at .83
Polkadot price analysis: DOT/USD falls towards instability at $5.83 1

Polkadot price analysis shows that DOT/USD price has been following a downtrend for the last 24 hours. The price has shifted in the direction of an antagonistic movement, falling significantly and falling from the $5.89 level, the cost of DOT is down 0.37% in the last 24 hours with a trading volume of $302,057,460 . 12th place in cryptocurrency ranking with a live market capital of $6,573,364,555.

DOT/USD 4 Hour Price Analysis: Latest Developments

Polkadot price analysis has revealed that market volatility exhibits dormant momentum, making market consistency a priority, meaning that the price of the cryptocurrency will remain constant until volatility begins to fluctuate in either of the two extremes. The resistance and support bands appear to have closed the gap causing the market to become stuck which resulted in lower volatility.

Source: TradingView

The upper boundary of the Bollinger Band is $5.89, while the lower boundary of the Bollinger Band is $5.77. DOT/USD price seems to be crossing the moving average curve, which indicates a bearish trend. Furthermore, the price path seems to be following a downward direction towards the support. Polkadot price analysis shows that the Relative Strength Index (RSI) is 48.60, which represents a stable cryptocurrency; the value is in the lower neutral range.

Polkadot price analysis for 1 day: Market favors the bears

Daily Polkadot price analysis shows that market volatility is following an increasing direction. This means that DOT/USD prices, which are subject to fluctuations, will fluctuate in the same direction as volatility; More volatility means a higher chance of the price moving to either extreme. Bollinger’s Band has a ceiling of $5.89, which is acting as the strongest resistance for DOT. On the other hand, the lower border of Bollinger’s Band is $5.77, which is the strongest support for DOT.

Source: TradingView

DOT/USD price seems to be crossing the moving average curve, which indicates a bearish trend. Furthermore, we can observe that the price path follows a linear movement, which could indicate a reversal as the moving average seems to be moving in a negative direction. Polkadot price analysis shows that the Relative Strength Index (RSI) stands at 39.92, which means the cryptocurrency is showing strong signs of undervaluation.

Conclusion of the Polkadot price analysis

In conclusion, Polkadot price analysis concludes that the cryptocurrency has bearish momentum with slight upside opportunities. The price fell to $5.77 on October 22, 2022 and is currently stuck at $5.83. This seems that the bears have regained control of the market which could lead to further market depreciation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.

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