According to Polkadot price analysis, the price has marginally decreased again today as the bears once again grabbed control of the market. After three days of nonstop bullish activity, the price function became unbalanced and began to decline. Today, the price has dropped all the way to the $5.30 mark. After a change in the price ratio, the bears are currently retaining their dominance. If the negative pressure continues, it can be anticipated that the cryptocurrency may experience a greater loss in the hours to come. However, as we saw yesterday, there are excellent odds that the trend will turn in the bulls’ favor.
DOT/USD 1-day price chart: Price decreases by 2.25 percent
The 24-hour Polkadot price analysis reveals that there has been a decline in the price of DOT/USD over the past 24 hours, with the price falling to $5.30. Even though trends have been fluctuating steadily over the last few weeks, the current trend has shown itself to be very favorable to the bears. The coin has been able to report bullish activity over the last few days, which has allowed it to at least maintain its price levels.
However, a loss of 2.25 percent has been seen over the past 24 hours, which suggests the coin has a bearish tendency since it has lost money in the past. The $5.35 mark on the one-day price chart corresponds to the moving average (MA).
Volatility has grown over time. Consequently, it is reasonable to assume that the current downturn won’t persist for long. According to the Bollinger Bands Indicator, the top value for today is $6.10, which is for resistance, and the lower value is $5.10, which stands for support. Due to the decline, the Relative Strength Index (RSI) score has dropped up to index 35, indicating market selling activity.
Polkadot price analysis: Recent developments and further technical indications
Polkadot price analysis’ 4-hour price chart reveals that today’s price has continued to fall. The price dropped, but it is now covering its range higher and is currently trading at $5.29 because the support has reappeared. After passing below the SMA 50 curve, the moving average indicator value is now settled at the $5.35 level.
Moving on, the Bollinger bands Indicator values have also been modified; they are now $5.43 for the upper value and $5.29 for the lower value, with the price trading at the same level in between. The RSI score is rising once more, and it is currently at index 41 levels as the purchasing action has resumed.
Polkadot price analysis conclusion
The present negative trend appears to be ending soon, according to the Polkadot price analysts’ one-day and four-hour forecasts, as the price has begun to rebound. The green candlestick’s arrival on the 4-hour chart serves as a confirmation of this. The price has already dropped to $5.29 thanks to the bears, though. Currently, buying activity has resumed.
