The Polkadot price analysis reveals that the cryptocurrency has experienced a downward trend in its price once again as bearish momentum has returned to the market. The DOT/USD price has been on a decline over the past few days, and this can be attributed to the increasing bearish pressure in the market. Today, the price of Polkadot dropped even further, and it has now reached the $5.39 level.
DOT/USD 1-day price chart: Investors brace for impact as prices hit $5.39 limit following setback
For the past three days, the price has been steadily declining, and today’s price movement is also negative as per the 1-day Polkadot price analysis. The price of the cryptocurrency has dropped to $5.39 as a result of intense bearish pressure. This week’s trend has favored the bears, despite the bulls’ continued persistence in trying to sustain the intermediate price levels. At the $5.58 position, the moving average indicator (MA) is displaying its value.
The fact that the short-term trending line is likewise moving downward confirms the negative trend. The upper Bollinger band value is $6.18, while the bottom Bollinger band value is $533, according to the Bollinger bands indicator. Additionally, the Relative Strength Index (RSI) score decreased to 36.
Polkadot price analysis: Recent developments and further technical indications
Bears have been in control of the price chart for the past few hours, according to the 4-hour price chart for Polkadot price analysis, and the price has decreased significantly. For the purchasers, this is a discouraging indication because there is still little likelihood of a bullish recovery. The price has dropped to the $5.39 mark thanks to the decreasing trend, and more price declines are to be anticipated. Bullish efforts that are currently visible do not appear to be sufficient to change the trend. The moving average value is also at $5.39 on the four-hour price chart.
The Bollinger bands’ values have changed to $5.51 for the upper band and $5.29 for the lower band due to the convergence caused by the declining volatility. In the previous four hours, the RSI score has been maintained at an average position of 42.
Polkadot price analysis conclusion
Given that the bears have been able to make a comeback, the Polkadot price analysis for the day and four hours predicts a significant decline in price today. The price levels are currently at $5.39, and a downward tendency is present. As the hourly projection is also supporting the selling, it is likely that the price will continue to decrease.
