Polkadot price analysis indicates that the DOT/USD pair is currently trading at $6.25 and is maintaining a bearish trend. The bears are currently in control of the market and are likely to push the price down to $6.24 in the near term if the current trend continues. However, if the bulls can take control of the market and push the price up to $6.46, then a short-term rally may ensue.
The digital asset has been trading within a descending triangle pattern for the last 24 hours, which is a bearish continuation pattern. The price is currently trading at the bottom of the triangle and the coin is down by over 3% in the last 24 hours. The 24-hour volume for DOT is currently at $189 million and the total market capitalization is $7.01 billion.
DOT/USD 1-day price chart: Price goes down to $6.25 as bulls try to recover
The 1-day Polkadot price analysis shows that the pair has been on a downtrend for the last 24-hour period and is currently trading below the $6.50 mark. The bulls and bears have been battling for control of the market, but the bears have been able to take control in the last few hours.
The 50 SMA is currently below the 200 SMA, indicating that the path of least resistance is to the downside. The 50 SMA is currently at $6.40 and the 200 SMA is at $6.60. The RSI is currently at 39.53, which indicates that the market is neither overbought nor oversold. The moving average is currently at $6.43, which is below the current market price, indicating that the market is in a bearish trend.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows the price has covered a steep downward movement in the starting four hours of today’s trading session as the bearish momentum has been trending over the market. The drop in price was quite drastic as the price levels decreased rapidly. The price is still below the lower limit of the Moving average (MA) level which is at $6.54.
The 4-hour Relative Strength Index (RSI) is currently at 46.80 after recoiling from the oversold zone as the price faced a downtrend. The RSI indicator is close to the center which indicates that the market is neither overbought nor oversold and might take either direction in the upcoming hours. The Smooth moving average (SMA) 50 is currently at $6.53 which is trending above the SMA 200 level at $6.51.
Polkadot price analysis conclusion
Overall, Polkadot price analysis the market is still in a bearish trend as the price has been trading below the $6.46 mark for the last few hours. The technical indicators are also indicating a bearish trend in the market as the RSI and SMAs are both trending to the downside. However, if the bulls can take control of the market and push the price above the $6.46 mark, then a short-term rally may occur.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-09-25/