The latest Polkadot price analysis shows signs of a downtrend, as the price underwent a substantial decline in the last 24-hours. If we analyze the market situation from a general overview, the price has come down to the lowest price envelope, as the past few weeks have proved to be highly unsupportive for the buyers. A constant downtrend has been on the rise, and a similar trend has been observed even today. After yesterday’s market crash, the crypto pair is still on a downslide as the price has come down to a $14.4 low, with the next support present at the $13.6 level.
DOT/USD 1-day price chart: DOT on the decline
The one-day Polkadot price analysis confirms a bearish trend for crypto pair, as the DOT value is on a decline. A significant decrease in coin value is being detected due to rising bearish pressure. The price levels have fallen critically low after spiking high on 4 May 2022, as the bearish pressure is suppressing the market on a consistent basis. The price is now touching $14.4, which is at the lowest level after 28 July 2021. The moving average (MA) value of $15.3 is also above the price level.
The volatility is increasing because of the higher bearish pressure. The upper limit of the Bollinger Bands Indicator is now at the $20 mark, whereas its lower limit is standing at the $13.6 mark, representing the strongest support for DOT/USD in the current scenario. The Relative Strength Index (RSI) score has moved down to index 36; however, the steep downfall in RSI levels has been contained as the downfall in price has slowed down.
Polkadot price analysis: Recent developments and further technical indications
The four-hour Polkadot price analysis also suggests the bearish trend as the price breakout was downwards, and the downside continued for eight hours today as well. However, fresh oxygen for DOT price has arrived in the form of bullish help with appeared just a few moments ago, and a green candlestick is appearing again. How strong will the bullish support prove? It will be decided during the coming hours, as both sides of the market lack the needed momentum today.
The Bollinger bands are suggesting an increase in volatility levels on an hourly basis as the indicator is diverging. The upper band of Bollinger Bands Indicator is now touching the $16.4 mark, and the lower band is touching the $13.8 mark. The MA also crossed below the Bollinger bands mean average line, which is a bearish indication in itself. The RSI curve is moving horizontally with a very slight upcurve as the score is now 38.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis supports the selling side, as a consistent drop in DOT/USD value is being observed. The price lowered to $14.4 in the last 24-hours, as the bears are leading the market. If the bearish pressure extends, then DOT/USD crypto pair may revisit the $10 support floor in the coming days.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-06/