The Polkadot price analysis is going in a bearish direction, and the bearish momentum has been pretty strong. The price has lowered to $6.08 today, which has caused an upset for the buying traders. The price levels have been going bearish for the past few days, and a further decline in coin value is to be expected. The price has gone exceedingly low if compared to the last week, as all the gains made after April 10, 2023, have been washed off. Even the price has reached its lowest level since February 13, 2023.
EOS/USD 1-day price chart: price movement flows downward to $6.08
The 1-day price chart for Polkadot price analysis shows that the cryptocurrency value has seen a considerable amount of decline in the coin value today. The price levels have been rising in the past few weeks, but the trend changed on April 19, 2023, and since then a great deal of correction has been observed in the market. Yet today’s trend is also the same, as the trendline tends to go lower, touching 6.08 and losing 4.28 percent more.
The price has reached a value of $6.08, with the moving average being relatively higher and standing at $6.57. The increase in volatility is a negative sign for cryptocurrency as the Bollinger bands indicator expands, with the upper band at $6.91 representing the strongest resistance, and the lower band at the $5.93 mark representing the strongest support.
The Relative Strength Index (RSI) score is going average and currently displays a neutral score of 42; however, the indicator’s curve is heading downward and suggests that the market is currently observing selling activity.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis reveals that the cryptocurrency’s value is rapidly moving in a bearish direction, with the price sharply declining to a low level. The chart demonstrates that the price has fallen significantly, and it is at $6.09 as of this writing. Nevertheless, some bullish support has also emerged as the price is currently recovering as a result of the price touching the support floor. The moving average is noticeably higher and is level at $6.18.
The volatility is gradually increasing, and the Bollinger band average has reached a value of $6.45. The Bollinger bands are expanding, and the upper band is present at $7.07 and the lower band is present at $5.83, respectively. If we move on and discuss the RSI score, then it is currently increasing and is displaying a value of 29 near the border of the underbought region.
Polkadot price analysis conclusion
The 1-day and 4-hour price charts for Polkadot price analyses indicate that the price value has significantly decreased recently. The price has decreased to $6.08 due to the shock. If the bearish momentum for cryptocurrency increases further, the support levels at $6.05 can decline. However, today the bearish momentum has slowed down a bit as support is also nearby.
