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Polkadot price analysis: DOT declines towards $6.83 after strong bearish activity

Polkadot price analysis: DOT declines towards $6.83 after strong bearish activity
TL;DR Breakdown
  • Polkadot price analysis is bearish today.
  • The strongest resistance is present at $8.43.
  • The strongest support is present at $6.56.

Polkadot price analysis reveals a relatively bearish approach today; the price has lost some of its value. In the last few days, the price of DOT has received much negative attention and has decreased to a significant degree. On June 29, 2022, the price suddenly crashed and went from $7.99 to $7.00. However, the price started to gain further positive momentum on the same day and regained a value of as much as $7.12. Today, on June 30, 2022, the price has seen negligible highs and reached an all-day high of $6.88. However, the currency price of the cryptocurrency remains around $6.83.

Polkadot trades at $6.83 right now; Polkadot is down 5.12% in the last 24 hours, with a trading volume of $604,536,682 and a live market cap of $6,733,645,717. Polkadot ranks at #12 in the cryptocurrency, with a circulating supply of 987,579,315 DOT coins.

DOT/USD 4-hour price analysis: Recent updates

Polkadot price analysis reveals the market volatility to follow an uncertain closing movement, which causes the DOT prices to become less susceptible to volatile change. As a result, the upper limit of the Bollinger’s band is present at $8.04, acting as the strongest resistance for DOT. Conversely, the lower limit of the Bollinger’s band is at $6.56, representing the strongest support of DOT.

The DOT/USD crosses under the Moving Average curve indicating a bearish movement in the market. However, the price appears to move upwards with a strong possibility of soon reversing the market to a bullish trend.

image 406
DOT/USD 4-hour price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 29, which falls under the lower-neutral region. The RSI score follows a linear movement in the devaluation region, signifying future devaluation. The DOT/USD price has found a risky place within the market and has anchored itself there. The equivalence of selling and buying activity causes the RSI score to stay constant.

Polkadot price analysis for 1-day

Polkadot price analysis reveals the market volatility to enter a closing movement; it’s decreasing as the resistance, and support bands move closer to each other. The cryptocurrency price will follow the volatility and become more susceptible to volatile change. The Bollinger’s band’s upper limit is $8.43, acting as the strongest resistance for DOT. The lower limit of the Bollinger’s band is present at $6.67, representing the strongest support of DOT.

The DOT/USD price appears to cross under the Moving Average curve signifying a bearish movement. The price moves downward towards the support band, attempting to break it. If the support breaks, the movement is expected to shift to a downward movement with bursts of volatility. The expected breakout could prove to be a good thing for the bears as they will have every chance to strike back and take the market completely. However, that would be a worst-case scenario in regards to the price of the cryptocurrency.

image 407
DOT/USD 1-day price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) to be 36, indicating that the cryptocurrency is undervalued. Polkadot falls under the lower-neutral region. However, its position is bound to change as the RSI score follows a downward movement indicating the dominance of selling activity.

Polkadot Price Analysis Conclusion

Polkadot price analysis concludes that the cryptocurrency packs massive potential for positive movement; however, for now, the market is stuck in negative momentum and expected to break, which might cause hindrances in the way of bulls.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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