The Polkadot price analysis reveals that a drop in price has been observed today, which is why the market is now following a bearish trend. The cryptocurrency is covering a downwards range as the bears have been able to stop the price from going above $8.49. The downturn was expected after the bulls took the price up yesterday, but bears had to intervene again and take the price down as the trend was bearish for the past many days. Yet, a slight drop in price was recorded today as the price moved down to $8.30. However, the decrease in price is small, and chances are there for a trend change.
DOT/USD 1-day price chart: Bearish pressure stops upwards price movement
The price is going down once again as a bearish trend has been confirmed from the 1-day Polkadot price analysis. The price had improved significantly yesterday, as an upward trend was taking over the market. But a slight drop in DOT/USD value has been observed today again as the price has fallen to the $8.30 level; however, support has also appeared for the crypto pair. The price is trading above the moving average indicator’s (MA) value, standing at $8.16. Overall, DOT/USD is at a loss of 9.92 percent in value over the past week.
The bears have restricted the price under the resistance level present at $9.22. Furthermore, The volatility has been on the increasing side, with the upper Bollinger band present at the $10.9 mark representing resistance. In comparison, the lower Bollinger band is present at the $7.10 mark representing a support zone for DOT. The Relative Strength Index (RSI) score improved yesterday due to the positive market sentiment, but now the indicator is trading at a downwards slope, hinting at the selling activity in the market, which is fueling the price fall.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis also shows the bearish trend as the price underwent more decline today. Although a downtrend has been dominating the price chart for the past weeks, the bears have been persistently putting in efforts to continue their lead. Today, the bears have damaged the cryptocurrency’s value more as the price has come down to $8.30.
However, there is a possibility for DOT/USD that the trend might change as bullish efforts have also been observed during the last few hours as the price has moved a little upwards just recently. If bulls maintain their momentum, then the trend can be changed in favor of the buyers. The moving average (MA) is trading at $7.68 for now, which is quite below the price level.
The volatility has increased as the price variations have been higher on an hourly basis. The Bollinger bands values are as follows; the upper value is currently at $8.35, whereas the lower value is at $6.38, and the average of the indicator is forming at $7.36. The price, after falling below the upper band, is moving up again to travel above the upper band on the 4-hour chart, which shows a bullish inclination. The RSI curve is moving up once again as the score has now increased to index 59, which hints at the re-establishment of the buying activity.
Polkadot price analysis conclusion
Today’s Polkadot price analysis report suggests the trend is under the bearish influence at this point as the coin price has decreased overall. But on the other hand, bullish support has also appeared, and the price covered an upwards movement in the last four hours, which is an encouraging sign. The RSI score is also on the higher side in the hourly chart, which hints at the possibility of a revival of the market. We expect DOT to come out of the bearish shadow, but only if the market sentiment remains positive.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-06-16/