The Polkadot price analysis suggests that the DOT price has dropped today as bears took charge of the market once again. After the continuous imbalance in the price movements, the price has been lowered up to the $7.62 level, and the bearish trend has been set for today. The bears are thus maintaining their lead at present after making a small difference in the price ratio. It can be expected that the cryptocurrency might face further loss in the upcoming hours as well, as bearish presence has been quite clear since yesterday.
DOT/USD 1-day price chart: DOT loses another 0.52 percent
The 24-hour Polkadot price analysis shows a slight decrease in DOT/USD price has been recorded in the last 24 hours, as the price descended to $7.62. Although the trends underwent a shift 11 September 2022, today’s trend has proved highly supportive for the bears. The decline in price levels is still manageable; however, the coin lost around 0.52 percent value during the last 24 hours, as the support is also present at $7.53, which is also nearby. The moving average (MA) is trading below the current price at $7.48 in the one-day price chart.
The volatility is increasing as the Bollinger bands are expanding. The Bollinger Bands Indicator shows the following values for the day; the upper value is $7.89 representing the resistance, while the lower value is $6.73 representing the strongest support. The Relative Strength Index (RSI) score has decreased up to index 51 because of the downtrend. The RSI has still been floating in the upper half of the neutral zone.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis also confirms a decline in price today. The price has come down to the $7.62 level as the bearish dominance has been quite obvious since yesterday. This has created a favorable situation for the sellers, as the value of the cryptocurrency has deteriorated to an extent. However, the price is again increasing at the moment. If we talk about the moving average indicator, then its value is settled at the $7.71 mark.
The SMA 50 has crossed above the SMA 20 curve, which is also a bearish indication. Moving on, the volatility has started to increase on the 4-hour chart. The Bollinger bands are dinverging, and the upper value has shifted to $7.85, and the lower value is $7.58. The RSI score is increasing again on the 4-hour chart due to the current buying activity and has recovered up to index 48.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis is predicting a bearish trend for the day as it has been confirmed. The bears have succeeded in bringing the price down to $7.62 after yesterday’s lead. The selling momentum has been consistently on the rise for the past few hours. However, support has also appeared; thus, further downfall can be expected over the day as the bearish side still dominates the price action.
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