- Polkadot price analysis is bearish.
- Support for DOT is quite stable at $20.4.
- Resistance for DOT/USD is present at $22.39.
As per Polkadot price analysis, the coin’s price has dropped today as the bears took charge of the market once again. After the persistent imbalance in the price movements since yesterday, the price has been lowered down to the $21.4 level. The bears are thus maintaining their lead at present after making a notable difference in the price ratio.
However, the support has also arrived for DOT as the price function has been covering range upwards during the last few hours, and it can be expected that the cryptocurrency may continue recovering in the upcoming hours as well. On the contrary, chances for further downfall are also not out of the question.
DOT/USD 1-day price chart: Price devaluates up to $21.4 mark after bearish slide
The one-day Polkadot price analysis shows that An abrupt fall in DOT/USD price has been recorded in the last 24 hours, as the price descended down to $21 at the start of the trading session. Although the trends were in favor of bulls for the past week, today’s trend has proved highly supportive for the bears. The decline in price is small but is on the negative side, as the support present at $20.39 is still quite low. The moving average (MA) is trading below the price level at $20.7 in the one-day price chart.
The volatility has been decreasing; hence it can be expected that a further downtrend might follow. The Bollinger Bands Indicator is dictating the following values for the day; the upper value is $22.39 representing the strongest resistance, while the lower value is $16.66 representing the strongest support. The Relative Strength Index (RSI) score has decreased up to 36.17 because of the downtrend.
Polkadot price analysis: Recent developments and further technical indications
A decline in price was observed in the first four hours of the trading session when the price slumped to the $21.2 level as the bearish wave has been quite strong in the past few hours. This has created a worrisome situation for the buyers, as the value of the cryptocurrency has deteriorated notably. However, the bullish side has also made some recovery during the last four hours.
The moving average indicator’s value is settled at the $21.8 mark above the price level but crossing below the SMA 50, hinting at the bearish supremacy. The Bollinger bands Indicator values have been changed as well, as now the upper value is at $22.8, and the lower value is at $20.8. The RSI is trading at the center of the neutral zone at index 50.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis is predicting a bearish trend for the day as it has been confirmed. Even though the bulls have recovered the price during the last four hours, the bearish pressure is still there; thus, further downfall can be expected in DOT/USD price, as most coins are following the trend set by the king Bitcoin.
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