- Polkadot price analysis shows the bearish momentum has increased tremendously.
- Price has dropped down to the $29.05 level.
- Support is still standing strong at $26.3
The Polkadot price analysis is going in the bearish direction as the price underwent a significant decline during the day. The price levels are dropping on a massive scale as the bearish momentum is growing at a high rate. Earlier the day, there were some bullish retraces as well which tried to break through the bearish spell. But today, the cryptocurrency has been subjected to loss again as the price has lowered to $29 again.
DOT/USD 1-day price chart: Cryptocurrency under the bearish domain as price drops heavily
The 1-day Polkadot price analysis is showing that a bearish trend has been following through the day. The price has decreased tremendously as the bears have been able to secure their lead on the price chart.
The price has gone down due to the downtrend and is resting at the $29.14 spot. The moving average (MA) in the price chart is still at a stable position as it is found at the $32 level for the day.
The volatility has been on the increasing side for the day as well which should be taken as a negative indication for the future. The Bollinger bands indicator is giving out the following values; the upper value is at $38 whereas the lower value is at $26. The Relative Strength Index (RSI) score has dropped down to 47.3 as well.
Polkadot price analysis: Bullish momentum breaks down in face of massive bearish resistance
The 4-hours Polkadot price analysis is predicting a major bearish trend after the price entered the danger zone today. The price levels have receded to the $29.05 level and are expected to go down even more.
More and more buyers are contributing to the downfall of price after the winning chances came back for the bears. The moving average value is still quite above the current price as it is resting at the $31.5 position.
The volatility has increased during the last 4-hours which is why the upper Bollinger band is now settled at the $34.3 position and the lower Bollinger band at the $26.3 position. The downtrend has decreased the RSI score as well as it is now struggling at 42.24.
The technical indicators chart for Polkadot is going bearish as it can be confirmed from the above analysis as well. The circumstances have been going quite favorable for the bears which is why there are a total of eleven indicators on the selling mark, nine on the neutral and six on the buying mark.
The moving averages indicators is displaying quite similar trends and predicting the loss in price as well. That is because there are a total of eight indicators on the selling spot , with six at the buying and only one standing at the neutral spot.
The Oscillators are giving positive signals for the sellers as well as there are three oscillators fixed at the selling position, eight at the neutral and none is found at the buying position.
Polkadot price analysis conclusion
The given 1-day as well as the 4-hours Polkadot price analysis is predicting that the price is about to experience further decline in the upcoming time. This is because the bearish momentum has increased significantly in the last four hours, taking the price down towards the $29.05 level. The support level is at $26.27 which is still enough for the bulls to make their effort towards a successful comeback.
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