Today’s Polkadot price analysis indicates a negative trend. The bulls were in charge up until yesterday, when the DOT/USD was recovering. However, yesterday, the bullish momentum slowed down as the bulls may have grown weary, and the price subsequently began to correct. Given that there is some sort of selling pressure at this point and the fact that DOT is correcting today, trading around $6.70 after a minor loss, the trend has also changed to be bearish for the day. The overall trend is still bullish, though, and the currency may resume covering the upward range by tomorrow.
DOT/USD 1-day price chart: The price retraces lower as bears assume control
The 24-hour Polkadot price analysis shows a decline in price today after a week of bullish activity when the price increased tremendously. As the coin lost 0.61 percent of its value in the last day, the price level today dropped to $6.70. However, because the trend was bullish earlier, the cryptocurrency pair still displays a gain of 8.23 percent in value over the previous week. If the selling pressure persists in the upcoming hours, further price declines are also anticipated.
The Bollinger bands are significantly widening, with the lower band at $5.91 serving as the strongest support and the upper band at $6.74 serving as the immediate resistance. Under the SMA-20 curve, the average of the Bollinger bands is at a price of $6.32. Under the price level, at a distance of $6.41, lies the moving average (MA). The relative strength index (RSI), which is currently trading at index 61 and is on a downward slope in the upper half of the neutral zone, indicates that there is selling pressure.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows bears are in control of the market today with the price levels slowly falling to $6.70. However, bullish efforts are also seen today as a green candlestick also appeared in between four hours back. Although the price has not yet increased, a further decrease in price value is imminent and is generally anticipated.
The volatility is on the higher side on the 4-hour chart as the Bollinger bands are expanded, and their values are as follows; the upper band is at the $6.90 mark, and the lower band is at the $6.23 mark, while the indicator is making the mean average line at the $6.56 mark below the price level and the mean MA is settled at the $6.71 mark.
Although still in the higher neutral region, the relative strength index (RSI) has also descended and is currently trading at index 59. The current flattened curve demonstrates that close support has prevented additional declines in the indicator’s score.
Polkadot price analysis conclusion
The Polkadot price analysis indicates bearish signs for the cryptocurrency today, as the coin is under correction after a successful bullish week. Overall, selling pressure is in the market today. DOT/USD is correcting again after a good recovery, and it is expected that the coin will continue to decline for the next few hours until bulls gain more strength to mark further gains.
