As bullish momentum appears to be slowing down, today’s polkadot price analysis shows that the cryptocurrency price has just marginally grown to $5.35. Given that the DOT/USD price today appears to be changing in an erratic fashion, a very modest price increase has been reported. Today’s price oscillation is moderate, which is also clear from the relative strength index (RSI) curve’s perfect flatness. Yesterday, when the price jumped noticeably, there was a significant rebound, but less so than the loss that had occurred before that.
DOT/USD 1-day price chart: DOT bulls unable to reclaim $5.5
The one-day polkadot price analysis supports the day’s sideways price movement with a modest price gain. Since April 19, 2023, the price has been going down as the bears have been in control. Today, there was a marginal increase in price as it increased to $5.35, adding 2.74 percent to its worth over the previous 24 hours. The coin, on the other hand, has lost 7.70 percent over the past week as the trend has continued to go negative. The moving average (MA) value is $5.48, which is higher than the current price.
The Bollinger bands have recently somewhat diverged, and as a result, volatility is rising. Currently, the upper value of the Bollinger bands indicator is trading at $6.17, indicating resistance, while their lower value is present at $5.21, indicating support for the DOT price function. Bulls are unable to raise the price more since the Relative Strength Index (RSI) curve is exactly flat at index 36, suggesting that neither side of the market has any momentum.
Polkadot price analysis: Recent developments and further technical indications
The crypto pair price followed an increase at the beginning of the trading day as the price was rebounding yesterday, according to the 4-hour Polkadot price analysis. Even if the bulls were in the lead, the price has dropped once more over the past four hours, practically matching the increase seen at the beginning of the day. Due to the selling pressure that has stopped the price’s upward trajectory, it is currently settling around $5.35.
Because of the minimal volatility, the price may continue to go sideways. The higher value of the Bollinger bands is at $5.50, which represents resistance for DOT, while their lower value is at $5.16, which represents the strongest support on an hourly basis. The average of the Bollinger Bands is $5.33. The RSI score is similarly locked at index 49, with a tiny downward curve indicating the current selling activity, which is obvious given that the price is not yet clearly moving in any direction.
Polkadot price analysis conclusion
The coin, after breaking upwards, is covering the range in the opposite direction but is currently trading in green; therefore, the polka dot price analysis is currently favoring the bullish side. However, the trend may alter in the hours to come today. As there is also bearish pressure, it is possible that DOT/USD may experience a pullback today.
