The Polkadot price analysis reveals a further decrease in price levels given that the current price is $5.85. The trend has been bearish, as the price levels have been dropping since yesterday. The upward trend that had been in place abruptly changed on April 19, 2023, and the price began to oscillate downward. This caused a substantial deficit in price levels to descend to the current level. After numerous tries, the coin’s price could only barely increase following the crash and has since dropped much further.
DOT/USD 1-day price chart: The bears strengthen their grip further
The one-day price chart has very strong negative momentum, and the price levels are falling, according to the Polkadot price analysis. The trend is currently in the bears’ favor, demonstrating how successfully they have maintained their dominance. Due to the decline, the price value is currently $5.85, which is rather close to the present support level. A swing low towards $5.72 was also observed momentarily. The coin’s value has dropped by 2.91 percent in the last day. Additionally, the moving average’s (MA) value has decreased to $5.93.
The Bollinger bands’ higher value right now is $7, which stands for resistance, while their lower value is situated at $5.46, which stands for support. The volatility is comparatively rising as the Bollinger bands are enlarging. Due to the movement of the downward trending line, the Relative Strength Index (RSI) score has decreased to index 41 in the lower part of the neutral zone.
Polkadot price analysis: Recent developments and further technical indications
The bulls are currently attempting to lift the price levels, as seen by the 4-hour price chart for Polkadot price analysis, which also reveals the arrival of support from the bullish side. A green candlestick has formed on the hourly chart despite the selling pressure, which is a favorable sign. However, due to strong selling pressure and a lower swing that was also noticed, the price is currently $5.85. The moving average is at $5.96, a substantially lower level, and it may cross below the SMA 50 curve, which would be a negative indicator.
The upper band is currently at $6.09 and the lower Bollinger band is at $5.82 as a result of the rising volatility and diverging Bollinger bands. The RSI score has decreased due to the downward trend as well, but now that it has reached index 41, its curve is slightly upward, indicating sluggish market buying activity.
Polkadot price analysis conclusion
The Polkadot price analysis has verified today’s decrease. The recent price decline to $5.85 shows the continued strength of the bearish momentum. This ongoing decline has significantly harmed the coin’s value because the trend has completely switched to the downside. The $5.78 support can be tested once more in the ensuing hours; if bulls are unable to hold it, then the price may plummet further down.
