The Polkadot price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. Although a strong bearish wave was controlling the price trend in the previous week, today’s trend also proved relatively in support of the sellers as of yet. The DOT/USD value currently sits at $7.22, and a further decrease in coin value can be expected if the bears remain consistent. Overall the coin value has been falling immensely since 13 August 2022.
DOT/USD 1-day price chart: Price goes down to $7.22
The 24-hour Polkadot price analysis predicts a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled the unfavorable circumstances as no considerable bullish efforts have been seen. The price is now at $7.22, and further devaluation is to follow if the selling activity experiences a further rise. The crypto pair has lost more than 23 percent value over the course of the last seven days as the bearish pressure was at its peak. Moving on towards the moving average (MA) value, which is $8.23 for the one-day price chart.
A crossover between the SMA 20 curve and the SMA 50 curve was reported earlier yesterday, as the trends have shifted towards the sellers. The volatility is on the rise, which is a relatively negative indication of upcoming market trends. The upper Bollinger band value is now $9.94 representing the resistance, whereas the lower Bollinger band value is $7.11 representing the support for the crypto pair. The relative strength index (RSI) is still on a d0nwwards curve at index 37, which is a lower neutral value; however, it shows the sellers’ dominance in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis supports the bears as the price has covered a downward movement in the past few hours. The price breakout was upwards, but at the start of the trading session, as bulls tried to recover during the late hours yesterday; however, the descending curve confirms a bearish trial as a red candlestick appeared on the hourly price chart. The bearish momentum intensified as the price dropped down to a $7.22 low. The short-term trending line is also moving in the bearish direction now. On the other hand, the moving average mentioned in the four-hour price chart stands at $7.22.
The volatility is seemingly high, which means that the ongoing downtrend may extend within the next few hours. The Bollinger band indicator’s values have shifted as thus that now the upper value is $8.66, whereas the lower value is $6.74. The RSI score moved to index 25 because of the downward wave continuing for the past few days. The coin is still undersold on the 4-hour chart, and the RSI curve is flat, hinting at a lack of bearish momentum, but the bearish pressure still weighs on the price function.
Polkadot price analysis conclusion
The one-day and four-hour Polkadot price analysis confirms a bearish market trend for the day. The DOT/USD value decreased to $7.22 because of the downtrend. The four-hour price chart displays red candlesticks as the bears remained at lead during the past four hours. A further drop in coin value is to be expected as the selling activity is constantly growing at present. However, less downward steepness of the RSI curve hints at a possibility that the coin may start to recover if buyers enter the market.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-21/