- Polkadot price analysis is bearish today.
- Support is still standing at $50.
- DOT price has receded to $51.2.
The Polkadot price analysis reveals that the coin is in a bearish grip today again after going through loss yesterday, following an all-time high. The DOT’s ATH journey was quite interesting as the coin kept covering upwards range continuously for four days, as the bullish momentum was healthy enough and the DOT started retracing when declined at $54 on 4th November. Polkadot is still maintaining above the $50 psychological mark, the coin is on a downtrend for the second day now, but many veterans are speculating for more upside in the coming days.
DOT/USD 1-day price chart: Bears continue devaluation
The 1-day price chart for Polkadot price analysis shows a decrease in price today as well. The coin continues to correct as selling pressure is still there. Polkadot is trading hands at $51.3 at the time of writing, reporting more than three percent loss over the last 24 hours time period, as today is the second day for the correction to be going on. DOT/USD is still at gains of 18.8 percent over the course of the last seven days, as the bullish momentum towards ATH was quite aggressive. However, the trading volume has taken a dip by 33 percent over the last 24 hours, devaluing the market cap along with it by 2.6 percent.
The volatility is again on the increase for the coin as the Bollinger bands started diverging on 1st November before ATH and continue to expand till now. The upper limit of the indicator is at $54, representing the fallen support which has turned into a resistance level now, and the lower limit at $36.9, making an average at $45, which represents support for the crypto pair.
The relative strength index (RSI) is on a downwards slope at index 64, coming from the overbought region on 4th November. As the RSI continues to fall, it shows the high selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows the price breakout was downwards today; after a little rescue activity observed at the end of yesterday’s session, the bears regained control and continued covering range on the lower side. But recently, bullish efforts have emerged again as the last candlestick is green, indicating support here still exists.
The volatility on the 4-hour chart is mild as the volatility indicator has taken the shape of a defined channel, with its upper band at $54 and the lower band at $50, which now represents support for the DOT/USD. The mean average at $52 represents resistance on the 4-hour chart as the price is trading between the mean average and the lower band. The RSI shows horizontal movement indicating a slow down in selling activity.
Polkadot price analysis conclusion
The Polkadot price analysis shows that the cryptocurrency may remain bearish for the rest of the day. As the bears are defining the price function, but the support at $50 seems strong and the bullish efforts as seen on the 4-hour chart, have started emerging, but Polkadot may continue downside today.
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