The Polkadot price analysis shows that the cryptocurrency has undergone a loss once again. After the bullish price function of yesterday, the bearish pressure has returned, and bears have taken the lead again. The bears have caused a decrease in the price up to $5.69 and have been able to retain their position as the leading party.
The high selling activity is causing the price to downgrade further and has defeated the buyers in their attempt at revival. The overall cryptocurrency market is under bearish pressure as most coins are reporting losses today.
Most of the cryptocurrencies today are in mixed conditions with most in the red zone, and few in the green zone. DOT/USD is also following the same pattern and is reporting a loss of 0.70 percent over the last 24 hours. The trading volume has increased by 1.54% and is $113,121,045 at the time of writing.
Polkadot price analysis daily chart: DOT price levels continue sinking
The 1-day price chart for Polkadot price analysis shows that a drop in the DOT price value has taken place today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well. But the bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $5.69 today after the recent drop. Overall the coin has lost a value of 0.48 percent over the past week.
The Bolinger bands in the daily chart are squeezing, indicating decreasing market volatility. The upper Bollinger band is currently at $6.95, while the lower band is at $5.31, indicating a narrow range for DOT/USD. The relative strength index (RSI) is at 38.37, indicating mild selling activity in the market. The moving average indicator shows a bearish crossover as the 50-day MA has crossed below the 200-day MA.
Polkadot price analysis: Selling pressure still intact on the hourly chart
The 4-hours Polkadot price analysis shows that the price function is headed down once again as the price levels are continuously sinking. The bears are pulling down the price levels, and currently, they have reached the $5.69 level as DOT/USD still looks for support.
The moving average is still trading below the current price level at $5.68 because of the bearish pressure. The RSI score has also gone down to an index of 40, indicating the selling activity in the market. The Bollinger bands are diverging, indicating decreasing market volatility. The upper band is present at $5.95, while the lower band is at $5.52 which may both act as strong resistance and support levels, respectively.
Polkadot price analysis conclusion
The summary of Polkadot price analysis shows that the bears have taken over the market once again as the price levels continue sinking. The price has gone down to $5.69 and may find support at $5.57. The selling pressure is strong, and bulls may have to make exceptional efforts to make a comeback. The technical indicators are giving a bearish signal, and if the selling pressure continues, the DOT price may go further down. However, if the buyers come in and bring a reversal, then the price may start to recover soon.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2023-05-03/