Polkadot price analysis has turned bearish once again, as prices dropped over 1.16 percent during the day’s trade. The downtrend ended a promising spell for Polkadot, as the cryptocurrency had rallied from a high of $5.43 to a low of $5.35 in just the last few hours.
Currently, the price is hovering just above support at $5.32 and bulls will need to keep the price afloat at this point to prevent further decline. On the upside, a move up to $5.48 and $5.60 could also be on the cards if buyers come into the market at discounted prices. However, a 1.22 percent rise in trading volume was observed during the day, which coupled with decreasing prices exhibits a seller-dominated market for DOT at the current trend.
DOT/USD 1-day price chart: Bulls facing continuous defeat
The 1-day price chart showing cryptocurrency progress is going bearish today after the bears continued the ongoing bearish trend. The bearish momentum is strong; the price levels have decreased notably and have reached $5.35 today. The momentum has been considerable, which is why the price value is just below the moving average (MA) value, i.e., 5.33. The volatility seems to be on the decreasing side but is still on the higher side.
The Bollinger bands after convergence show the upper band at $5.48 representing the resistance, and the lower band at $5.32 representing the support for LTC, respectively. The Relative Strength Index (RSI) score has decreased as well, and it has reached an index of 39.24 in the last 24 hours, indicating the selling pressure on the crypto pair.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis dictates a major drop in the price levels today. The market has faced strong pressure from the bearish side in the past couple of hours, yet today the trend is going in favor of bears. The bears have been in the dominating position, as the price has decreased to $5.35 in the most recent update. The moving average value is $5.40, and the Bollinger bands average is 5.35.
The Bollinger bands are expanding as the upper band has reached $5.53 and the lower band has traveled to the $5.11 level in the 4-hour price chart, and the price has reached near the lower band, which is a bearish indication. The RSI score has also fallen in the last four hours and has reached an index of 56.35, but now it shows a slowdown in the selling activity.
Polkadot price analysis conclusion
From the above 1-day and 4-hour Polkadot price analysis, it is evident that the bears have taken the coin’s price below $5.35 today. The bears have been able to preserve their lead. However, Polkadot is likely to face resistance at $5.32 and $5.48 on the upside if buyers come into the market at discounted prices.
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