Polkadot price analysis: DOT consolidates at $5.77 as it corrects slowly

Polkadot price analysis

TL;DR Breakdown

  • The Polkadot price analysis shows a bearish trend
  • Resistance for DOT is present at $6.19
  • Support is present at $5.63 for the crypto pair

The current Polkadot price analysis suggests the price has been suppressed again from the bearish side, as a rejection from the upside has been reported for today. The price covers a range below $6.19 due to the return of bearish pressure after a single day of bullish activity. The coin value recovered slightly during the previous trading session, but today the bears have interfered again, and the price has reached $5.77. The current price level is also a support level set earlier by the bulls, which is currently being tested. Next, support for DOT is present below $5.63, and resistance at $6.19.

DOT/USD 1-day price chart: Cryptocurrency value slips back to a $5.77 margin

The one-day chart for Polkadot price analysis shows a bearish trend as the red candlestick has returned to the price chart. The past few days have proved crucial for the cryptocurrency, except for one day as a steep downward trend followed. There has been a recurring fall, as the price has stepped down into the lower price envelope at $5.77. The current price value is lower than the moving average (MA) value, which is settled at $5.65.

image 380
DOT/USD 1-day price chart. Source: TradingView

The SMA 50 curve is traveling high again as the bears are regaining their strength. The Bollinger Bands Indicator in the 1-day price chart points out the following values; the upper value at $6.23, while the lower one at $3.95. The Relative Strength Index (RSI) score has decreased up to index 65.67 as well because of the deficit in price due to more selling.

Polkadot price analysis 4-hour chart: Bearish pressure remains intact

According to the four hours Polkadot price analysis, the price has been traveling low. The recent downturn in price movement has resulted in its decline as it has been lowered to $5.77. Chances of recovery seem minimized as the bearish slide has been proceeding uninterruptedly, severely damaging the coin value. The price has gone below the moving average value as well, which has been standing at a $5.82 position below the SMA 50 curve.

image 381
DOT/USD 4-hour price chart. Source: TradingView

As the volatility is on the increasing trend, the upper Bollinger band is now touching the $6.12 mark, whereas the lower Bollinger band is on the $5.622 mark. The RSI curve has descended to the 54.44 mark, confirming a sharp drop in price.

Polkadot price analysis conclusion

To sum up, the Polkadot price analysis concludes the bears are playing their game once again after a continuous drop in price occurred during the past few hours. The cryptocurrency price has returned to the $5.77 level, thus confirming the decrease in price. We can expect a downward price movement in the upcoming hours, as the four hours price analysis is also giving bearish hints.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Hamilton Lane launches tokenized equity fund on Polygon
Bitcoin price analysis: BTC rallies to a high of $23,433 after a sharp increase
Britain's first crypto rules will establish rigorous benchmarks
All you need to know about VeChain summit's rebranded version— The Hive
Ethereum price analysis: ETH/USD crashes down to $1,573 as bearish trend continues

Follow Us

Industry News

Hamilton Lane launches tokenized equity fund on Polygon
All you need to know about VeChain summit's rebranded version— The Hive
The Open Network (TON) Roadmap: 8 key features to expect in 2023
Tether CTO debunks alleged $2 billion loan from bankrupt crypto lender Celsius
Check: Celsius releases list of users eligible for withdrawals

Add Your Heading Text Here