Given that the bears made a return today, the price is once again moving downward as per the Polkadot price analysis. Due to their recent string of victories, the bulls had been in the lead. However, the current patterns are changing as a result of the price covering a downward movement. The successful bearish effort has caused the price to drop to the $6.43 level. If the selling pressure resumes, as has been verified by the hourly price chart as well, a further decline can be anticipated.
DOT/USD 1-day price chart: Price turns once more as bears compete for dominance
Given the price’s significant drop today, the Polkadot price analysis indicates bearish activity. The likelihood that the bears will prevail and drive the price even lower than its present level, or $6.43, is rising. Over the previous week, the bulls had been winning regularly, but now the patterns have changed. In the one-day price chart, the moving average (MA) number is $6.24, which is lower than the price level.
The Bollinger bands average is currently $6.04 because the variance has been on the higher side. The Bollinger bands indicator’s higher value, which represents resistance, is currently fixed at $6.73, while its lower value, which represents the strongest support for the cryptocurrency pair, is at $5.35. The Relative Strength Index (RSI) value is currently balanced on level 54.
Polkadot price analysis: Recent developments and further technical indications
According to the four-hour Polkadot price study, there has been a price decline over the last few hours. Bears have intervened in the bullish flight as the price levels have fallen to $6.43. Because of the abrupt drop in price at the start of today’s trading period, the SMA 20 curve has also moved downward. Bulls, however, also made an effort to cut their losses and raised the price by a healthy percentage. The moving average number, however, is currently above the price at the $6.46 level.
The average of the Bollinger bands has increased to $6.49, but the variance is declining. The other numbers are as follows: the upper Bollinger band is at $6.71, while the lower band is at $6.27. Due to the downtrend, the RSI number has also dropped to index 52. The Price deficit is observed to be 0.11 percent during the last hour.
Polkadot price analysis conclusion
The Polkadot price analysis predicts that the price is headed down once again after the bears seized charge of the market today. The price experienced a drop up to $6.43, reversing the continuous uptrend. Since the hourly price indicator is also showing positive outcomes for the bears, additional losses can be anticipated. Bulls, however, are also attempting to keep the coin’s price level, so a smaller loss is expected.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2023-03-20/