Polkadot price analysis: Bearish momentum reactivates as DOT price deflates to $46

Polkadot price analysis Bearish momentum reactivates as DOT price deflates to

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Price has receded down to $46.
  • Support for DOT/USD is found at $44.9.

The price is traveling low once again as the bears made a comeback today. The bulls had been at the upper position during the last week by winning successively and rising to record highs repeatedly. But now the trends are shifting as the price is now covering the downward range. The price has come down to the $47 level because of the successful bearish attempt. A further downfall is also not out of the question as the hourly price chart also shows a downtrend as well, and yet no bullish efforts have been observed.

DOT/USD 1-day price chart: Bears drag the price down to $46

The 1-day Polkadot price analysis shows that the price is flowing downwards once again after the bears made a comeback today. The one-day Polkadot price analysis confirms the downfall as the price can be seen degraded to the $46.7 level. The past week proved vital in improving the coin’s value, but the trends have undergone a slight shift today also.

Polkadot price analysis: Bearish momentum reactivates as DOT price deflates to $46 1
DOT/USD 1-day price chart. Source: TradingView

The volatility has increased on a great scale, indicating that a downward trend may presume in the future. The Bollinger bands indicator also stands relevant, as its upper value is at $56 and the lower value is at $38.8.

The Relative Strength Index (RSI) score has decreased up to 51 as well due to the selling activity going on in the market, and the moving average (MA) is standing at $50.5 above the price level.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows bears have been dominating the price chart for the past few hours, and the price has dropped down at a significant rate. This is a disappointing sign for the cryptocurrency, as the chances of a bullish comeback are reducing. The downward trend has taken the price to the $46.9 level, and a further decline in price can be expected.

Polkadot price analysis: Bearish momentum reactivates as DOT price deflates to $46 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is also high, and the price is trading below the volatility indicator’s mean average line, which is present at the $49.6 mark, representing resistance for DOT/USD. The RSI is again trading low and provides reasoning for fear of a massive loss in DOT price, as it now shows a steeper downwards movement, and it is trading in the lower half of the neutral zone at index 35, quite near the undersold zone. The moving average value for the four hours price chart is at $47.8 position.

The much-awaited Polkadot parachains auction has just started yesterday, whose announcement earlier was also seen as the trigger behind the recent bullish run of Polkadot. According to news, nine bidders are taking part, with Moonbeam and Acala the most anticipated ones.

Polkadot price analysis conclusion

The Polkadot price analysis suggests that the coin seems to be losing its bullish current completely at the bearish hands, as the price has already stepped below the $49 critical point, and now it seems like DOT will continue low before attempting any higher highs. But this is a good time for those who were waiting to buy the dip, which might trigger the buying impulse, and DOT may start rising towards its next speculated target of $55, but for intraday trading, chances are less for a recovery today.

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.

Related News

Hot Stories

Ethereum ICO whale address moves 145,000 ETH after 3 years of dormancy 
Polkadot price analysis: DOT resurges to $9.20, consolidation below $10 continues
How to Stake Klima Tokens 2022 (Complete Guide)
Bitcoin, Ethereum, Quant, and EOS Daily Price Analyses – 14 August Roundup
Cardano price analysis: ADA sets up bullish move after rising above $0.55 barrier

Follow Us

Industry News

BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?