The hourly and daily Polkadot price analysis indicates that the price is decreasing. This is due to the fact that bearish momentum has degraded the coin’s price to exceedingly low levels during the past week. After the stronger correction observed during the past week, the DOT is still under bearish pressure. The price has touched $5.88 today, which is the lowest of the month.
DOT/USD 1-day price chart: sellers’ pressure causes the coin to decline
As the trend is down for the third day in a row, the price is currently declining once more. The price can be seen trending at the $5.88 level in the one-day Polkadot price analysis chart, which confirms the deterioration. If the cryptocurrency’s performance during the previous 24 hours is looked at, it has lost 0.75 percent. The past week was crucial for the cryptocurrency, as it lost around 13.97 percent over this time. The moving average (MA) is quite lower than the SMA50 but higher than the current price of $6.17, which is a bearish indication.
The Bollinger bands Indicator also exhibits arm expansion, setting the day’s upper and lower readings at $7 and $5.64, respectively, signifying resistance and support levels for the coin’s price function. The indicator also shows increasing volatility for DOT. Additionally, the Relative Strength Index (RSI) value decreased to index 39, indicating selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
Given that the price has further declined today, the Polkadot price analysis for the four hours predicts a bearish pattern. Given that the bulls tried to uplift the price levels yesterday but were countered by the bears successfully, the correction occurred at the start of today’s trading session as well. Currently, the price is increasing again, but bears still have the upper hand. The price is slightly lower than the $5.91 moving average.
Along with the decrease in volatility, the Bollinger bands average has also positioned itself at $5.91, slightly above the MA. The Bollinger bands’ upper and lower values have also changed; they are now $6 for the upper band and $5.83 for the lower band. The RSI score has slightly increased to an index of 40, indicating a slow buying momentum in the market at the moment.
Polkadot price analysis conclusion
The one-day and four-hour Polkadot price analysis have verified that the price has slightly decreased today. The bearish position is readily apparent on the price chart because the patterns haven’t changed. After the negative continuation, the price dropped to the $5.83 level. If selling pressure continues, more declines are also possible.
