The Polkadot price analysis is predicting a bearish trend for today as the price is going down. The market has been following a bullish trend for the past few weeks as the bulls have been securing wins mostly, and the market trend was upwards. The price underwent a significant decline in the last few hours after the price broke out downwards today because of the sudden rise in selling pressure. The latest downtrend has decreased the coin value to $9.16 as the coin got rejected at $9.27; however, DOT/USD was successful in marking a higher high above its last peak of $8.61, which was observed on 31 July 2022.
DOT/USD 1-day price chart: Price levels drop to $9.16 as bears show appearance
The 1-day price chart for Polkadot price analysis shows that the bears have been dominating the price chart for the past eight hours, as the price went down to the $9.16 level at the moment. Previously a constant upwards trend has been going on for the past couple of weeks, as the bullish activity almost reached its peak point, which is evident from the 16.91 percent increase in value of the coin during the last seven days. The situation is now turning unfavorable for the cryptocurrency buyers, as DOT is under correction today. Moving on, the moving average indicator is showing its value at $8.51 at present.
Although the bulls were in the lead, now the bears have outplayed them successfully. The volatility is increasing, and the upper value for the Bollinger Bands Indicator is now at $9.39, representing the resistance, and the lower value is at $6.63, representing the support. The Relative Strength Index (RSI) score has declined up to an index of 64, the indicator is still at a higher level, but its downwards curve indicates the selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The four-hour Polkadot price analysis also predicts a downtrend as the price trend has undergone a shift, and now the price movement is downwards. The latest price movement is bearish, and the bulls have been sidelined to instate the downtrend. The price has corrected to a lower position, i.e., $9.16, and is expected to reach a further low point in the next few hours. The moving average value is present at $9.10, as the bulls were leading earlier.
The increase in volatility suggests that the trends might shift soon, or it may intensify in a bearish direction. Nonetheless, the upper Bollinger bands value has reached $9.42, and the lower Bollinger bands value has moved down to $8.25. The RSI curve confirms the downtrend, and the score has been increased down to index 62.
Polkadot price analysis conclusion
The daily and hourly Polkadot price analysis gives a bearish hint as the price has undergone a slight decline today. The price is now settling at the $9.16 level and is expected to lower further in the next couple of hours. At the same time, the hourly price prediction supports the sellers as the price covered bearish movement in the last four hours as well.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-09/