Polkadot price analysis: Descending curve continues as DOT slides down to $18.3

TL;DR Breakdown

  • Polkadot price analysis shows a bearish trend.
  • DOT price has decreased up to the $18.3 level.
  • Support for DOT is present at $17.2.

The Polkadot price analysis reveals DOT is on a downslide for the third day. Cryptocurrency continues to lose value, and the trend is the same for today, as the price has decreased to $18.3 during the last 24 hours. However, the trend was bullish earlier till Monday 28th February, but the bearish signs were also emerging, and the coin started the current month in a bearish fashion. As the price continues to cover a range downwards, the next support for DOT/USD is present at $17.2.

DOT was expected to observe some positive market sentiment after the news of a donation for the Ukrainian government from the Polkadot founder Gavin Wood emerged on 1st March. The donation amounted to $5.7 million. Nevertheless, the major trend remained bearish along with the broader market.

DOT/USD 1-day price chart: Bearish trend still prevails

The 1-day Polkadot price analysis chart shows a bearish momentum taking the price to an $18.3 low at the time of writing. Though the past week saw some bullish activity, the last three days have been completely bearish, as the price is continuously on the decreasing trend by losing a value of 2.09 percent during the last 24 hours. The trading volume is also down by 25.3 percent.

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

The volatility is slowly increasing as the Bollinger bands are traveling apart. The upper Bollinger band is present at the $20.2 mark, and the lower band is present at the 15.6 mark representing the strongest support for DOT/USD. The Bollinger bands average is at $17.9, whereas the moving average is at the $17.5 mark. Both the averages are below the price level.

The relative strength index (RSI) is also on a downward curve, trading at index 48 in the neutral zone. The indicator hints at the bearish pressure over the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hours Polkadot price analysis shows bearish activity at the start of the trading session. However, during the last four hours, bullish efforts have also emerged as the price has recovered to an extent by reaching the current level of $18.3. While bears still have the upper hand as the overall trend is in their favor.

DOT/USD 4-hours price chart. Source: TradingView

The volatility is still high, as are suggesting the Bollinger bands. The price level is near the average line of the Bollinger band, which is at the $18.4 mark in the 4-hour chart, while the upper limit is at the $19.6 mark, and the lower limit is at the $17.2 mark. The moving average is trading above the price level and is at $18.6.

The relative strength index (RSI) has also increased and moved further up to index 51 near the centerline of the neutral zone.

Polkadot price analysis conclusion

The 1-day and 4-hours Polkadot price analysis shows a bearish trend as the DOT/USD pair continues downside. Presently support has appeared from the market as the pair has been recorded moving up during the last four hours, but the overall trend is still on the bearish side. If the pressure continues, the price may fall back into the $17 range. It still seems to be a hit-or-miss situation for the intraday traders.

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.

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Written by 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.