The latest Polkadot price analysis shows signs of a downtrend, as the price underwent a substantial decline in the last 24 hours. The day started with buying pressure building up in the market; however, the bears were quick to take over and push the price down to its current level of $6.13. This saw the price move up from $6.23 to touch its intraday low of $6.11, but this proved to be a level too far for bulls as bears took control and drove the price back down.
Polkadot price analysis 1-day price chart: Bearish activity at peak as DOT levels shrink further
The one-day Polkadot price analysis confirms a bearish trend for cryptocurrency, as the DOT/USD value is going through a drop. A considerable degree of downfall in coin value is being detected due to rising bearish pressure. If the sellers remain persistent, it can be predicted that the price will lower further in the next few weeks. The price is now standing at $6.13, which is a relatively lower level if we compare it to its moving average (MA) value of $6.29.
The 50-day moving average (MA) of DOT/USD is now at $6.11, while the 200-day MA is standing at $7.45. The Moving average converges divergence (MACD) indicator is also showing a bearish signal, with its red line sharply falling below the blue line. In addition, the relative strength index (RSI) is at 47.85, which further indicates that the price is slightly neutral and could experience a slight rebound in the near future.
Polkadot price analysis: Recent updates
The four-hour Polkadot price analysis dictates a downtrend, as well as the bears performed overwhelmingly. Although the bulls managed to upgrade coin value in the earlier hours of the day and are trying to elevate the price level at press time as well, the bears have successfully secured their winning position by plunging down the price four hours earlier. The damage has resulted in price devaluation up to the $6.13 mark. If we discuss the moving average indicator, then its value is currently $6.15.
The moving average convergence divergence (MACD) indicator shows a bearish signal as the MACD line has crossed under the signal line, while the relative strength index (RSI) is at 39.59, indicating a bearish sentiment in the near term. The 20-SMA has crossed above the 50-SMA; however, it is yet to be seen if this will hold in the coming hours.
Polkadot price analysis conclusion
The latest Polkadot price analysis suggests that the bearish pressure is likely to persist in the current market and could extend further. The bears have had the upper hand over the bulls, pushing the price down to its current level of $6.13. However, if the bulls manage to make a comeback, then we may see some upside movement in the coming days.
