The Polkadot price analysis reveals the trend is yet in favor of bulls but the price is going down once again as the bears are also trying to restore their momentum. The DOT price faced a strong correction on 16 and 18 MAY 2022 because of the increase in bearish pressure. However bulls tried to uplift the price today, but bears have returned to hinder the bullish progress and as a result, the price is settling at the $9.57 level. The trends have undergone reversal as the bearish trend has been dominant for the past month, but the bullish wave has also supported the price function in the past week.
DOT/USD 1-day price chart: Bears resume dragging price levels downwards
The price has been going down constantly for the past few days but today an upward price movement has been observed. The bulls have made a comeback and have tried to provide support to the cryptocurrency’s price, which is why the price has increased up to $9.57. Although the bulls remained at the lead mostly during this week, in the last few days bearish pressure has also been seen affecting the price action. The moving average indicator (MA) is showing its value at the $10.21 position.
The short-term trending line is also moving in the descending direction which is a confirmation of the bearish trend. Whereas the Bollinger bands indicator is showing the following values; the upper Bollinger band value is $16.92 while the lower Bollinger band value is $7.64. The Relative Strength Index (RSI) is also showing a horizontal movement, hinting at the lack of momentum from the bullish side at index 34.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows bulls have been dominating the price chart for the first eight hours today, and the price increased at a significant rate. But bears have returned more aggressively and the price has been correcting in the last four hours, this is a disappointing sign for the buyers, as the chances of a bullish comeback are still minimal. The downward trend has taken the price to the $9.57 level, and a further decline in price can be expected. The moving average value in the four hours price chart is $9.97 which is above the current price level.
The SMA 50 curve is still traveling above the SMA 20 curve which is also a bearish indication. The increasing volatility has changed the Upper Bollinger band value to $11.46 and the lower Bollinger band value to $9.42. The RSI score has also decreased in the last four hours and is now present at index 37.
The bears have been at the lead in the past few months if we observe the price movement from a general overview. This is why the technical indicators for Polkadot price analysis are still supporting the bears today. There are 15 indicators on the selling side, 10 indicators on the neutral side, and only one indicator on the buying side.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis is dictating a mixed trend in price today as the bears have been able to make a comeback. Now the price levels are standing at a $9.57 position and a downtrend is taking place after the gains made by the bulls earlier at the start of the trading session. Further decline in the coin’s price is to be expected as the hourly prediction is supporting the sellers as well.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-19/