The Polkadot price analysis is bearish today as the coin is correcting after marking a weekly high yesterday at $5.54. Yesterday, when the entire crypto market was bullish, DOT/USD also covered a range upward, and the price continued progressing till the end of the day. Selling pressure was observed At the start of today’s trading session, the coin declined from $5.45 to $5.47, and the coin has been moving sideways for the last few hours.
DOT/USD 1-day price chart: DOT faces rejection at $5.54
The 1-day price chart for Polkadot price analysis shows the price has declined today. DOT traded in a narrow range of $5.54 to $5.44 today and is trading hands at $5.47 at the time of writing. DOT/USD reports an increase in price value of 2.29 percent over the last 24 hours as it rallied high during the late hours yesterday, and DOT reports an increase of 4.08 percent in value over the past week. The trading volume has also increased by 17 percent.
The volatility is low as the Bollinger bands have converged, and the price is trending near the upper limit of the Bollinger bands today. The upper band at the $5.50 level represents resistance for DOT, and the mean average line of the indicator at the $5.35 mark, represents a support zone for DOT. The relative strength index (RSI) shows a downward curve, hinting at the selling activity in the market as it trades at index 49.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Terra price analysis shows the price peaked at the end of the last trading session and reverted back at the start of the current trading session. The correction ended with a sideways price movement, which hints at bullish exhaustion and low selling pressure at this point.
The volatility on the 4-hour chart is also high, with the upper limit of the Bollinger bands at $5.52 representing resistance for the coin and the lower limit at the $5.12 mark. The average of the indicator represents support for DOT at the $5.35 mark. The RSI is on a flattened slope at index 68, after stepping into the neutral range, but the coin is not in an overbought position here as the RSI is trading in the neutral zone.
Polkadot price analysis conclusion
The Polkadot price analysis suggests the coin is still in bullish form despite the price decrease, and it may start upside again after correcting for a few more hours today. If the correction continues, we can still expect it to float above $5.30 today.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2023-05-29/