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Polkadot price analysis: Bears hinder price movement above $42.91 margin

Polkadot price analysis Bears hinder price movement above margin

TL;DR Breakdown

  • The price has gone below $41.44 level.
  • Polkadot price analysis predicts a downtrend.
  • Support is still standing at $38.05 mark.

The Polkadot price analysis shows the price is headed down once again as the bearish momentum has been revived in the past few days. A downward price movement was observed today as well, and the market is going into loss. The bearish momentum has proved to be quite overwhelming for the bulls, as they remained unable to achieve their proposed target. The price has taken an unexpected downturn to $41.44 and might move down to a new low in the coming week.

DOT/USD 1-day price chart: Reversal in trends downgrades coin value to $41.4

The one-day Polkadot price analysis is confirming that a downtrend has been at its peak for the past few days. The bearish resistance has been increasing with each passing day, and a constant reduction in price has been observed. The bears have been ruling the market this week, and have brought down the price levels to $41.44 edge. The current price is standing quite lower than its moving average (MA) ratio i.e. $42.91.

Polkadot price analysis: Bears hinder price movement above $42.91 margin 1
DOT/USD 1-day price chart. Source: TradingView

A substantial decrease in volatility has been observed in the last 24-hours, which is a relatively positive indication. The upper Bollinger band is now touching the $46.35 mark whereas the lower Bollinger band is present at the $38.05 position. The Relative Strength Index (RSI) score has been degraded to 53.22 as well.

Polkadot price analysis: Cryptocurrency value deflates to $41.44 as bears takeover

The price dropped down perilously low in the last four hours as the bears took control of the market. A constant devaluation in DOT/USD value has been taking place for the past few hours as the downward trend has been getting stronger. The bears have managed to take the price below the $41.44 level, creating disadvantageous circumstances for the buyers. The price is now below the moving average value as well which is at $42.71.

Polkadot price analysis: Bears hinder price movement above $42.91 margin 2
DOT/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 curves resulted because of the significant fall in price as well. The Bollinger bands Indicator is dictating the following values in the four hours price chart; the upper value is $44.33 whereas the lower value is $41.22. The RSI score is now critically near the under-bought value and has dropped down to $39.77.

Polkadot price analysis: Bears hinder price movement above $42.91 margin 3
DOT/USD technical indicators chart. Source: TradingView

The technical indicators chart for DOT/USD is displaying a bullish signal, as the general overview of the price movements shows satisfying results. We can see 10 indicators present on both of the buying and neutral positions, while only six indicators are on the selling position.

The moving averages indicator is confirming the bullish win by giving a buying signal as well. There are a total of nine indicators present on the buying side, five indicators on the selling side, and one indicator on the neutral side. The Oscillators are giving out a neutral signal for the day as there are nine oscillators at a neutral level, one oscillator at selling, and one oscillator at buying level.

Polkadot price analysis conclusion

The one-day and four hours Polkadot price analysis is confirming that the price has undergone a decline during the day. The price is now touching the $41.44 mark, and it can be expected that it will move down to further lows in the approaching week. The hourly prediction is also supporting the sellers, as the price has been devalued in the last four hours as a result of bearish efforts.

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.
Aamir Sheikh

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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