The recent Polkadot price analysis shows a decline in the DOT/USD pair to $6.40 after a bearish movement. The bears have been in control of the market and pushed the prices down from $6.49 to the current level. DOT is currently trading at $6.42 which shows a loss of around 1.10% in the past 24 hours.
The support for DOT/USD is currently at $6.24, and the resistance is at $6.49. The buyers will need to break above this resistance in order to push the price up again. If they fail, then the bears may take control of the market and push prices back down to the support. The trading range is currently between $6.24 and $6.49, so traders should keep an eye on this range for any potential breakouts or breakdowns.
Polkadot price analysis 1-day chart: Bears put pressure on DOT/USD pair
The 1-day chart for Polkadot price analysis shows that DOT has been trading on the bearish side for the most part of the day. The selling pressure has been increasing steadily and pushing the price down to the low of $6.24 while trading volume has increased indicating that there is still a lot of demand for DOT.
The moving averages shown on the 1-day chart are bearish as the 50-day moving average has crossed below the 200-day moving average. This indicates that the market is in a bearish phase as the Relative Strength Index is at 54.13 and is in the neutral zone, which indicates that the prices are likely to see a bounce back in the near future. The Bollinger bands are also close to each other, which indicates that the market is consolidating and a breakout is likely to happen soon.
Polkadot price analysis 4-hour chart: Latest developments
The 4-hour chart for Polkadot price analysis shows that the selling pressure is still present but the bulls are slowly regaining some ground. DOT is trading in a range of $6.37 to $6.42 as the bulls try to find a support level and regain control of the market.
The technical indicators in this timeframe show a bullish recovery. The Relative Strength Index is at 56.76, indicating that the bulls are slowly taking back control of the market although they are still in a battle with the bears. The Bollinger Bands have started widening, which could indicate a potential breakout in the near future. The upper and lower band are at $6.51 and $6.04 respectively, indicating that there is a range-bound movement in the market. In addition, the moving average (MA) also paints a bullish picture with the green candlesticks forming on the chart.
Polkadot price analysis conclusion
In conclusion, Polkadot price analysis shows that the bears are still in control of the market, but the bulls have started to gain some momentum as they attempt to push the prices back up. Support and resistance levels remain at $6.24 and $6.49, respectively and traders should keep an eye on the market to see if the bulls can break past the resistance level or if the bears will take control of the market again.
