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Polkadot price analysis: Bears manage to bring price down to $4.57 amidst bullish momentum

Polkadot price analysis

TL;DR Breakdown

  • The price underwent a slight decline today
  • Polkadot price analysis shows the price at $4.58
  • Support is still strong at the $4.56 position.

The price is going down once again according to the latest Polkadot price analysis. The bears are striving to make a comeback, and have caused a slight decrease in the price as well. The price has now returned to the $4.57 mark, and it is expected that it might recover back in the coming time period. The past few days have seen immense improvement in the coin value because the bullish trend remained on the lead. But today a drop in price has occurred as well, which is a bearish sign.

The bulls are still trying to keep the price up but the bears have successfully caused a slight decrease in the price. Currently, support has been established at $4.56 and it is expected that the price might recover soon. If the bulls gain more control over the market, then there are chances of an upward surge in price.

DOT/USD 1-day price chart: Price takes a brief stop at $4.57 before heading high

The one-day Polkadot price analysis is showing signs of bearish momentum as the price has been lowered to $4.57. The past week proved highly profitable for the bulls, but today the constant uptrend has been diverted because of the bearish interval. There is an imminent possibility that the bulls might recover back in the coming days. The moving average (MA) value is still quite low i.e. $4.42 because of the sudden increase in price during the last week.

image 77
DOT/USD 1-day price chart, Source: TradingView

The moving average convergence divergence (MACD) chart shows a bearish sign as the MACD line is below the signal line. The histogram value is also quite low, which indicates a bearish pressure. The relative strength index (RSI) is below 50 which means the price may go down soon.

Polkadot price analysis: DOT is down to the $4.57 mark

The 4-hour price chart for Polkadot price analysis shows bearish momentum is again stepping in as the price has been constantly on the low side. The price has dropped back to $4.57 from the peak of $4.64, and it is expected that it might recover once again in the coming days. The moving average (MA) value is still quite low i.e. $4.62 because of the sudden increase in price during the previous day.

image 78
DOT/USD 4-hour price chart, Source: TradingView

The signal line of the moving average convergence divergence (MACD) chart is below the MACD line, which is a bearish sign. The relative strength index (RSI) is on the low side with a value of 68.26, and this indicates a bearish pressure.

Polkadot price analysis conclusion

Polkadot price analysis shows a bearish trend in the market, as the price has decreased to $4.57, this is a bearish sign. The bulls are still trying to keep the price up but the bears have successfully caused a slight decrease in the price. The sellers are dominating the market and, therefore, it is expected that the price might remain low in the upcoming days.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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