The Polkadot price analysis shows that the cryptocurrency has undergone a loss today. After the bullish price function of yesterday, the bearish pressure has returned, and bears have taken the lead again. The bears have caused a decrease in the price up to $6.02 and have been able to retain their position as the leading party. The high selling activity is causing the price to downgrade further and has defeated the buyers in their attempt at revival. The overall cryptocurrency market is under bearish pressure as most coins are reporting losses today.
The support level for DOT is present at the $5.92 region, and it might be the last defense line against further declines. If the bulls manage to cross this level and regain control, then an upward price trend can be seen in the coming days. However, if the bears remain unopposed, then a further decline in price should be expected as well.
The trading volume of the coin has also decreased significantly in comparison to the previous days, which might be a sign of low investor confidence. The market cap of the cryptocurrency also has decreased to $6.94 billion, and it might witness a further decline if there is no recovery soon.
Polkadot price analysis: DOT takes backward flight as bears lead
The 1-day price chart for Polkadot price analysis shows that a drop in the DOT price value has taken place today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well. But the bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $6.02 today after a loss of 5.23%.
The moving average line is also going downwards, which indicates that the bearish pressure on the cryptocurrency has been consistent throughout. Furthermore, the MACD line has been below the signal line, which indicates that bears are still in control. The Relative Strength Index has been mostly at the level of 57.03, which implies that DOT is neither overbought nor oversold. The Bollinger bands indicator is also pointing downwards, which indicates that bearish pressure will remain present in the coming days. The upper Bollinger Bollinger band is at $7.00, and the lower Bollinger band is at $5.94, which might act as resistance and support levels, respectively.
Polkadot price analysis 4-hour price chart: DOT levels continue sinking
The 4-hour Polkadot price analysis shows that the price function is headed down once again as the price levels are continuously sinking. The bears are pulling down the price levels, and currently, they have reached the $11.32 level as DOT/USD still looks for support. The Bollinger bands on the hourly chart are also pointing downwards, which indicates that the bearish pressure will not be going away anytime soon. The upper Bollinger band is at $6.39, and the lower one is at $6.02, which indicates that bearish pressure will remain present in the near future.
The short-term trending line is steeply downwards, which is a major bearish signal. The Moving average convergence divergences (MACD) line is also below the signal line, which implies that bears are still in control of DOT/USD. The Relative Strength Index (RSI) is in the neutral zone at 40.16, which suggests that DOT price analysis shows neither overbought nor oversold conditions.
Polkadot price analysis conclusion
To sum up, the Polkadot price analysis is under bearish pressure as the price levels keep falling. The price has moved down to $6.02 after the recent drop, and there are no signs of a reversal yet. The bullish efforts have not been able to break the bearish trend, as the support levels at $5.92 have not been breached yet.
