The Polkadot price analysis reveals the coin faced rejection today at the $8.55 level as selling pressure has built up again. The coin is observing mixed market sentiment as the price is fluctuating near the opening level, with resistance present at $8.82; the cryptocurrency is already under bearish pressure, which has made it difficult for the bulls to progress further. From 03 August 2022, bulls were prevailing, but after the price peaked at $8.82, bears took over the market, and the price has been on the decline since yesterday.
There are eminent chances for the bears to completely take over the market today if buyers’ support does not appear on time, in which case DOT/USD will start moving towards the $7 range.
DOT/USD 1-day price chart: price levels sink to $8.5
The 1-day price chart for Polkadot price analysis shows that the coin price is fluctuating near $8.53. Though the coin is trading on the greener side as of now, it seems like bears will take control of the price action in the coming hours, and the green candlestick may turn red if the price goes below $8.48.
The crypto pair is already at a loss of two percent for the last 24 hours, while at the same time, the cryptocurrency is in a profit of 2.62 percent for the past seven days as the trend was upwards previously. The trading volume has decreased by 27.72 percent during the last 24 hours, providing a market dominance of 0.87 percent to the DOT.
The volatility is on the increasing side, and now the upper band is present at $8.97, representing the strongest resistance, and the lower band is present at the $6.73 mark, making an average at the $7.85 mark, below the price level, the lower band is representing the strongest support for DOT.
The relative strength index (RSI) shows a horizontal slope in the upper half of the neutral zone at index 59. The indicator shows mixed sentiment in the market for DOT, and if selling pressure exceeds the curve will take a downturn.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows a bearish return as the price is decreasing at the time of writing, and the price has moved down to $8.51. The bears were in dominating position earlier, but bulls took the lead in between, and price oscillated upwards at the start of today’s trading session, but the most recent trend is towards the bearish side, and the overall weightage is also on the bearish favor for the day.
The price is trading towards the mean average of the Bollinger Bands on the 4-hour chart, which is present at $8.4, just below the price level. The upper band is present at the $8.93 mark, whereas the lower band is present at the $7.92 mark. The price came below the moving average (MA) a few hours back which is present at $8.65. The RSI has reached index 53 and shows a downwards curve, as bears have taken over the market.
Polkadot price analysis conclusion
The Polkadot price analysis suggests the price has started to move in the bearish direction, and it may go further down today. There is a clear chance of bears taking over the market completely in the coming hours, and the coin will move towards the $7 range.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-07-2/