Polkadot price analysis: DOT corrects above $18 after rallying high

TL;DR Breakdown

• Polkadot price analysis is bearish today.
• Resistance for DOT/USD is present at $19.5.
• Support for DOT/USD is present at $17.9.

The Polkadot price analysis is bearish today as the coin is correcting today after rallying upwards yesterday. DOT started the bulls really after getting support at $17.3, but the selling pressure formed today when the price touched $19, and as a result, the coin is correcting again at the moment as the price has returned to $18.5. The price function has been downwards today, but yesterday’s rally provided good support to the price function, and the weekly trend line is forming upwards. The next support for DOT is present at $17.9, from where bulls can bounce up again.

DOT/USD 1-day price chart: DOT to retest $17.9 as support

The 1-day price chart for Polkadot price analysis marks the bearish trend for today as well as the price is on the decreasing side today after the major improvement observed yesterday. The coin traded in a range of $19.2 to $18.5, and no swing high or low above the said value has been observed. The DOT/USD is trading hands at $18.5 at the time of writing. The weekly trend line is upwards as the crypto pair reports an increase in value of more than 15 percent over the past week.

The volatility is comparatively low for DOR, as the Bollinger bands have further converged. The upper band is at the $20.6 mark, representing resistance for DOT, and the lower band is at the $15.5 mark representing the support. The average of Bollinger bands is $18 below the price level. The moving average (MA) is at the $17.2 mark, and the SMA 20 is still trading below the SMA 50 curve. The relative strength index (RSI) is trading near the center of the neutral region at index 49. The curve of the RSI is downwards as the price is correcting, and some selling activity is there.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price function has been headed downwards since the start of the trading session. As the price breakout was downwards today after the rally high observed during the last four hours of the previous trading session. After rallying high yesterday, when the price peaked at $19, the RSI reached index 62 on the 4-hour chart, but today DOT is correcting, so the RSI also came down to index 58, which still is a neutral value.

The volatility is mild on the 4-hour chart, but the Bollinger bands are converging slowly here as well; the lower band is shifting upwards at a slight curve and is present at $16.9, but the upper band is maintaining its level at $19. This situation hints at a price to float above the $18 range in the coming days.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin is in the correction phase today after yesterday’s strong bullish move, as it seems like the coin has started its recovery process as the weekly trend line has shifted in the upwards direction. The coin is slowly coming out of the bearish pressure; however, the price is expected to continue correcting for today.

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