Polkadot price analysis confirms that a bearish trend has been dominating the charts for the past few days. The last 24 hours have also seen a decrease in the price levels, which is quite disappointing for the buyers. The price corrected towards the $5.15 level as the bearish momentum continued for the third day in a row.
The resistance at the $5.28 level is currently acting as a major hurdle for the price, while the key support is set at $5.14. If sellers continue to pressure the price down, there could be further downside in store for Polkadot.
One day Polkadot price analysis shows that the price has decreased in the last 24 hours. Conditions are favorable for the bulls since last one week. But the last few days of this week have seen volatility in the price, with the bears struggling to regain their positions. However, today’s trend has been extremely supportive for the sellers as the price dropped towards the $5.15 level.
DOT/USD 1-Day Price Chart. Source: Tradingview
The moving average (MA) in the one-day price chart is at the level of $5.54. While the average of the Bollinger Bands remains at $5.14, the upper Bollinger Band is touching the $0.851 7.18 point, and the lower Bollinger Band is touching the $4.74 point. The Relative Strength Index (RSI) score has declined slightly to 40.06, but the downward curve is not bullish.
Polkadot Price Analysis: Recent Developments and Further Technical Signals
Hourly Polkadot price analysis shows that the price has declined in the last 4 hours. The conditions are turning favorable for the bulls for the past few days, as the price climbed above the $6.00 level. However, it could not sustain its bullish momentum and faced bearish pressure, as a result of which DOT/USD is currently trading at $6.64.
DOT/USD 4-hour price chart. Source: TradingView
Volatility is comparatively mild on the 4-hour chart as the Bollinger Bands are covering lower territory and are not showing any significant change in their movement. The upper Bollinger Band for the four-hour price chart has a value of $5.75, while the lower Bollinger Band has a value of $5.01. The RSI score is in the neutral zone as it shows the figure of 29.38 just above the centerline of the neutral zone.
Polkadot Price Analysis Conclusion
To conclude, Polkadot price analysis shows that a bearish trend is dominating the market, leading to a decline in price levels. However, the key support at $5.14 is currently acting as a major hurdle for the sellers and could provide some level of stability to the market in the near term.
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