Polkadot price analysis reveals that cryptocurrency has been facing a downward trend today as the bears are in control of the market. The bears have been pushing the price of the DOT lower in recent days, as the bulls are unable to secure a foothold in the market. DOT’s price failed to consolidate on the positive momentum and dropped down to $5.85 yesterday, before further falling up to $5.68 at the time of writing. In order for the bulls to get back in control and drive up prices, they will need to break through the key resistance level, which is at the 5.90 mark, and start establishing higher highs and higher lows.
Polkadot is ranked number 12 in terms of cryptocurrency, putting its total market cap at roughly $6.6 billion. DOT has seen an increase in its total 24-hour trading volume, as the figure now stands at $280 million, which is a 23.86% surge over the last day. The price of Polkadot is nearing its 24-hour high of $5.90, with its 24-hour low at $5.59.
Polkadot price analysis 1-day chart
The 1-day Polkadot price analysis indicates that the DOT/USD has been in a downtrend for the last 24 hours. The next few hours of trading are crucial for the bulls, as they will determine whether or not they can turn things around and return to higher highs. If the bulls manage to break through resistance levels at $5.90, we could see a surge in prices. On the other hand, if the bears continue their pressure and push DOT/USD lower, then a further dip toward its 24-hour low of $5.59 is likely.
The exponential moving average (EMA) shows that the short-term outlook is bearish, as the 12-EMA and 26-EMA are both trending downward. The Relative Strength Index (RSI) is currently at 44.43, indicating that the bears are in control of the market at this time, while the Bollinger Bands is increasing, suggesting that further downtrends are taking place as the volatility increases. The upper band of the Bollinger Bands indicator is touching the $7.7690 point, whereas their lower band is present at a $5.4336 margin.
DOT/USD 4-hour price chart: Recent updates
Looking at the 4-hour Polkadot analysis confirms that a bearish trend has reached its peak. The bears have gotten the upper hand as the price has fallen below the $5.68 mark. However, since then, the token has been on a downward trend and has lost over 3.56% of its value. At the time of writing, the DOT/USD is trading at $5.68 and is facing a bearish market. The digital asset market has been facing a lot of volatility in the past few days, and DOT is no exception.
The volatility is low as the upper Bollinger band has moved to the $ 6.1116 position, whereas the lower Bollinger band is at $5.6354. The EMA analysis reveals that the 12-EMA and 26-EMA are also trending downward, indicating a bearish market sentiment. The relative strength index (RSI) is currently at 35.59, which indicates that the bears have taken control of the market.
Polkadot price analysis conclusion
In conclusion, Polkadot price analysis has been facing a downward trend today due to the action of the bears in the market. Polkadot’s price currently stands at $5.68 and needs to break through resistance levels to return to higher highs. The next few hours of trading will be essential for the bulls if they want to turn things around.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2023-03-08/