Polkadot News

Polkadot price analysis: Bears break through bullish swing by pulling price to $33.43

TL;DR Breakdown

  • Price is going down as Polkadot price analysis shows.
  • DOT/USD value has been deflated till $33.43.
  • Support level is reserved at the $25.72 stand.

The price is going low according to the hourly and daily Polkadot price analysis. This is because the bears have managed to escape through the bullish momentum, and red candlesticks have returned to the price charts. More sellers are interrupting the price flow, and DOT is facing bearish resistance. The price had been moving upwards quite consistently, but now it has undergone a reduction to $33 as the bears are powering through.

DOT/USD 1-day price chart: DOT undergoes depreciation after bearish overturn

The price is flowing downwards once again after the bears made a small comeback during the day. The one-day Polkadot price analysis is confirming the downfall as the price can be seen standing on the $33.43 level. The past week proved vital in improving the cryptocurrency’s value, but the trends have undergone a slight shift today. Also, if we talk about the moving average (MA) then it is standing at $32 level, quite close to the price.

DOT/USD 1-day price chart. Source: TradingView

The past week had observed a crossover between SMA 20 and SMA 50 which means that chances of recovery might resurface. Moreover, the Bollinger bands Indicator is dictating the following values for the day; the upper value at $35.4 and the lower value at $25.72. The Relative Strength Index (RSI) score has moved down to $25.72 as well.

Polkadot price analysis: Price follows bearish slope as recent upset causes downflow

The four hours Polkadot price analysis is predicting a bearish trend as the price has been constantly declining for the past few hours. The downtrend has been quite unexpected as the price was traveling safe earlier in the day. It has receded back to the $33.46 level which is slightly below the moving average level i.e. $33.62. Further decline in price can be expected as the bearish momentum is extending.

Polkadot price analysis. Source: TradingView

As the volatility has increased, the Bollinger bands average has reached the $32.35 position. Furthermore, the upper and lower values have changed as well; the upper Bollinger band is now at $35.3 whereas the lower band is at $29.40. The RSI curve is moving down as well as the score has reached 56.3, which counts in the neutral range.

DOT/USD technical indicators chart. Source: TradingView

As the price has been at its highest point since the past few months, the overall trend recorded has been bullish. We can see 16 indicators on the buying spot, nine indicators on the neutral spot, and only one indicator on the selling spot.

The moving averages indicator is confirming the bullish trend as well as the price has improved during the past weeks. There are a total number of 14 indicators that are standing on the buying position, one indicator on the neutral position while none is found at the selling position. The Oscillators are indicating a neutral trend, with eight oscillators on the neutral level, two on the buying level, and only one indicator left on the selling side.

Polkadot price analysis conclusion

The price has undergone a slight reduction today as has been confirmed from the one-day and fours Polkadot price analysis. The bearish candlesticks have reappeared on the price chart as the trends underwent a reversal. The price has been lowered till the $33.43 level after the bearish comeback. But, if the support remains strong at $25.72, there is a chance that the former uptrend may resume.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on October 8, 2021 2:11 pm

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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