The Polkadot price analysis is predicting a bullish trend for today with small price increments. The price has been trading low for the past few weeks, the trend line is downwards as the bears have been maintaining their lead. However, an uptrend has been observed today, as the price has increased to the $9.7 level, but the coin can face another rejection from the further upside as the selling pressure is arising again. This can be detrimental to the overall coin value, as for now, the chances of recovery are there but if the selling pressure continues, they can be postponed as well.
DOT/USD 1-day price chart: Bulls lack the required strength
The 1-day Polkadot price analysis report confirms slow price movement for today, but the price has been raised slightly up to $9.7. The increase in price value is small as bulls tried to show some progress but were not able to uplift the coin value as the price oscillation remained very low. The price has been experiencing a fall for the past few weeks, with bullish interruptions as well as the coin is at a loss of 9.1 percent for the past week. Today, the bulls have been able to bring the price up again in the last 24 hours. The price has also been trading below the moving average (MA) value as well which is at $10.4.
The volatility is high as the Bollinger bands are covering more area, indicating high volatility for the coin. The upper Bollinger band value has now moved down to $16.2 representing resistance for DOT, whereas the lower Bollinger band value moved down to $7.3, representing support for the coin. The Relative Strength Index (RSI) is now present at index 33, and its curve is nearly straight hinting at a lack of momentum from the bullish side.
Polkadot price analysis: Recent developments and further technical indications
The 4-hours Polkadot price analysis shows arising selling pressure as the price has been declining in the last four hours, despite getting a breakout upwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $9.7 level. The price deficit is small but the bearish momentum may gain strength. In the 4-hours price chart, the moving average is trading at $9.8, above the price level.
The Bollinger bands show convergence, and the decrease in volatility has changed the upper band’s value to $10.5 and the lower band’s value to $9.3. The RSI level has been maintained at index 42 because of the drop in DOT price recently.
Polkadot price analysis conclusion
The Polkadot price analysis report is yet in favor of the bulls at the time of writing. On the other hand, most of the technical indications are bearish, and cryptocurrency’s price movement is downwards right now, but the RSI curve shows a lack of momentum from either side of the market. The bullish efforts at the start of the session were minimal, and the drop in price is also small. Future trend yet has to be set, depending on which side gains more strength. For today bears are leading right now, but the bulls have not been outplayed yet completely.
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