Polkadot price analysis shows a bearish trend for USD as bears aggressively push prices lower The bearish pressure is mounting, with the selling pressure pushing DOT/USD below the $5.70 resistance level, resulting in a rejection of upward momentum at this price point. The Bulls were in control of the market earlier today, but have been pushed aside as bears aggressively push prices lower. At the time of writing, DOT/USD is trading at the $5.33 level, down 6.16 percent on a 24-hour basis.
Polkadot 1-day price chart: Bears rally towards the $5.23 level as support holds
The 1-day Polkadot price analysis is showing a bearish momentum today, and the price has decreased to $5.33. During the past week, the price chart had been dominated by red candlesticks, as the bears were constantly causing the price to decrease. However, the $5.23 level appears to be providing support for the DOT/USD pair, and the bulls may be attempting to use this support as a launchpad to propel prices higher. Looking at the 4-hour chart, the bears have been successful in pushing prices lower with bearish candles forming throughout the day.
The Bollinger bands have narrowed indicating reduced volatility in the market. The upper Bolinger band is located at $6.26 while the lower Bolinger band is situated at $5.43. The Relative Strength Index (RSI) is hovering around the 33.25 level which indicates that the market momentum has slowed and selling pressure has increased. The moving average indicator is in line with the bearish trend, and the 50 MA is located below the 200 MA.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows the bulls ruled the price function most of the time for today’s trading session, yet bears caused a sudden drop in price today, after a continual bullish lead. The bearish momentum has been minimal, yet it has been able to dodge past the bullish momentum and turn the daily candlestick red for today. However, the price has been recorded to be on the increasing side during the last four hours.
The volatility is decreasing on the 4-hour chart as the Bollinger bands are gradually narrowing. The upper Band is located at $5.95, while the lower Band is located near $5.32, indicating a tight range of price action. The RSI is hovering around the 27.24 level, indicating that the market is in oversold territory. The moving average indicator is present at $5.52 and is in line with the bearish trend, and the 50 MA is located below the 200 MA.
Polkadot price analysis conclusion
Polkadot price analysis indicates a bearish trend at the $5.33 mark as the bearish pressure mounts and prices continue to trade lower. The bulls have been sidelined by aggressive bearish activity, with DOT/USD rejecting upward momentum at $5.70. Currently trading at around $5.23, support is present in this area. The technical indicators on the daily and 4-hour charts are in line with the bearish trend, and volatility is decreasing as well.
