Following a downward spiral, the DOT price declines to the $6.19 mark – Cryptopolitan

 Recent Polkadot price analysis reveals a generally bearish trend as sellers dominated the market over the day. The coin value has fallen to a low of $6.19, and additional devaluation will be evident in the coming days. This is a bad indication for cryptocurrencies because the selling trend is accelerating quickly. Future chances of a further decline should be anticipated if the current trend continues.

DOT/USD 1-day price chart: Price drops to $6.19 threshold following bearish swing

Due to the bears’ recent dominance, the daily Polkadot price analysis indicates a downward trajectory for the market today. Two days ago, the price began to decline, and right now, the odds are in the sellers’ favor. Due to the most recent bearish strike, the coin’s value has dropped past $6.20. If there is an increase in selling activity, a further degree of decrease will soon follow. The one-day DOT/USD price chart’s moving average (MA) value is $6.31.

Because of the low volatility, potential buyers of cryptocurrency may find that future market trends are in their favor. If we look at the values of the Bollinger bands indicator, the upper band is hitting the edge at $657 while the lower band is at the low point of $5.86. Due to the price’s downward trend, the Relative Strength Index (RSI) score has fallen to 49.

Polkadot price analysis: Recent developments and further technical indications

Given that the bears were successful in continuing to drive the price lower during the past few hours, the four-hour Polkadot price analysis shows a downward trend for the market. Previously, the leading position was alternately held by the bulls and the bears; however, a recent dramatic decrease in coin value suggests that the bears may now be in the lead. The price of DOT/USD is currently $6.19, and selling activity is anticipated to increase. The price is still lower than its moving average value, which is 6.32.

Because of the significant bearish drift, the volatility is comparatively rising. The upper band of the Bollinger Bands indicator is at $6.59, while the lower band is at $6.21, with the price having crossed below it. While the RSI score has dropped as much as 37, the Bollinger bands average has plummeted to $6.40.

Polkadot price analysis conclusion

Polkadot price analysis, which provides hourly and daily forecasts, favors the bearish side. The coin value decreased to $6.19 as a result of the price’s downward movement over the previous 24 hours. In addition, the four-hour price analysis paints a more alarming picture as the market continues to decline. The DOT value can likewise be anticipated to degrade further.