Polkadot price analysis reveals DOT price has been under bearish pressure over the past two days as the market corrects from the recent bearish rally. However, bulls have stepped in to counter the bearish pressure and push the price back up. The Polkadot price is currently trading at $6.30, which is just below the key resistance level of $6.32. The DOT price has set a key support level at $6.23, which is just below the current market price.
Polkadot price analysis 1-day price chart: DOT/USD loses 0.16 percent
The 24-hour Polkadot price analysis shows that the cryptocurrency has been facing loss for the last 24 hours. The price is continuing the downtrend today, degrading the cryptocurrency value to $6.30. A loss of 0.16 percent has been recorded during the last 24 hours, and over the past week, a 0.37 percent loss has been observed in the cryptocurrency value as the trend has been towards the bearish side.
The moving average (MA) for the DOT/USD on 24 hours is declining as it touches $633, just near the current price. The trading volume has also decreased to $163 million with a live market cap of $7.07 billion, and the total market dominance is 0.74 percent, ranking position 11 in the overall cryptocurrency market.
The upper value of the Bollinger bands indicator is now standing at $6.32 point, representing the strongest resistance, whereas the lower value is at $6.23 point representing the strongest support. The Relative Strength Index (RSI) score has reduced to an index of 38.44, and the selling activity is still on the rise.
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. However, the bulls seem to take control of the market if the price pushes above the $6.32 resistance level. However, the price is still below the lower limit of the volatility indicator.
The volatility is increasing, which means that the price might recover to a certain degree in the coming hours. As a consequence, the upper Bollinger band has now moved up to the $6.29 position, whereas the lower Bollinger band has moved down to $6.22. The RSI curve has entered the underbought region, but it has now taken a turn upwards. However, the indicator is still trading in the underbought region at index 45, hinting at extreme bearish pressure.
Polkadot price analysis conclusion
The Polkadot price analysis suggests a bearish trend has been observed throughout the day as the price has been reduced to a $6.30 value. The one-day and four hours price charts are predicting a downward trend by giving a lead to the bears. Similar trends are expected in the coming hours as well, as the selling momentum has gotten sharper, but support has also arrived, as is visible on the 4-hour chart; the future trend will depend on the fact if the support can persist or not.
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-2022-10-02/