The latest Polkadot price analysis confirms a bearish trend for the day as the selling pressure has been continuously growing for today as well. For the past week, the market has been under the strong influence of sellers as the price levels have been sinking since then. But from yesterday, the downtrend intensified as the price experienced a decrease up to $7.74 during the day. This came as bad news for the buyers as the bears were and are still in the dominating position overall.
DOT/USD 1-day price chart: DOT price value suffers extremely
The daily Polkadot price analysis confirms a bearish trend for the cryptocurrency as the price covered a steep downward movement in the past 24-hours. The sellers controlled the market in the past week as a bearish wave was expanding. And today, an unexpected decrease was experienced by the cryptocurrency as its value moved down to $7.74, setting a lower low and losing another 24 percent overnight, and over the past week, the crypto pair has already lost 49.80 percent of value. The losses are high, but the trading volume increased by more than 62 percent for today.
As the volatility is increasing and the Bollinger bands are diverging, the upcoming price events are much more likely to be bearish, which is discouraging news for the buyers so far, as the price oscillations are already towards the lower side. The upper band is present at the $20.4 mark, and the lower band is present at the $8.77 mark; the price continues trading below the lower band. The moving average (MA) is present far below the SMA 50 curve at the $12.33 level, and the relative strength index (RSI) is trading at a downwards slope at index 21, hinting at the selling activity in the market as it has moved into the strong bearish zone.
Polkadot price analysis: Recent developments and further technical indications
The four-hour Polkadot price analysis supports the bears as the coin experienced a hefty loss in price in the first eight hours of today’s trading session. This is because the heavy sell-off has provided support to the bears in maintaining their lead, which is why the coin value came down to $7.74 in the last four hours.
The correction does not seem to end soon, and the downward trend is expected to be extended further in the next few hours. The Bollinger bands show high volatility, as its upper band stands at $13.5, and its lower band displays a value of $8.02. The Relative Strength Index (RSI) graph shows a bearish curve as the score just dropped down to index 16, as the indicator keeps moving down in the underbought zone.
The past few months proved highly unprofitable for the cryptocurrency, as overall, the bears seemed to be on the dominating edge. This is why the technical indicators for DOT/USD display strong selling signals. There are 16 indicators on the selling side, 10 on the neutral, and none of the indicators support the buying side.
Polkadot price analysis conclusion
The above one-day and four-hour Polkadot price analysis are going in favor of the bears today. The cryptocurrency faced a substantial amount of loss in the past days as the price levels receded constantly. The same trend was observed during the past few hours, where the bears practiced their strength mercilessly, which is a worrisome sign for intraday trading.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-12/