The Polkadot price analysis shows bearish price movement today, as the coin has broken below the $7 psychological mark. Bears have covered a range downwards since yesterday as the DOT price has come down to $6.92. The coin may get support soon, as the price movement is low today and this current price level has proved to be a strong support during the past weeks. At the same time selling pressure is also high above $7 range which is why bulls have been unable to uplift price above $7.75.
DOT/USD 1-day price chart: Weekly loss nears double digit
The 1-day Polkadot price analysis shows the coin is continuing downside below the $7 psychological mark as it is trading hands at $6.92 at the time of writing. Bulls and bears have been exchanging positions since yesterday, but overall, the balance of power is towards the bearish side. The DOT/USD pair reports a deficit of 1.24 percent in price value for the last 24 hours, and the weekly loss has increased to 9.71 percent for the past week. The trading volume has also decreased by 0.75 percent, and the market cap has decreased by 1.04 percent today.
The DOT shows comparatively mild volatility range as suggested by the Bollinger bands, with the upper band present at the $7.83 level representing resistance and the lower band present at the $6.69 level representing a support zone for the falling DOT/USD pair. The average line of the volatility indicator is forming at the $7.26 mark above the cryptocurrency price level.
The relative strength index (RSI) score is slowly decreasing as the RSI is trading on a downwards slope. The RSI is trading in the lower half of the neutral region at index 40, indicating the selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows the coin is in the loss for the day as the price is on the decreasing side, but bulls are also trying to make a comeback, but yet the price has not been uplifted, however, a very small greens candlestick is visible on the chart which is a hopeful sign but to come out of the bearish cycle seems difficult as the price oscillations are slow. The last green candlestick can also turn red if the selling pressure continues.
The volatility is also high on the four-hour chart as the Bollinger bands show the following readings, the upper band is at the $7.69 level representing resistance for the coin, and the lower band is at the $6.68 level, which represents support for price, the mean average of the indicator at the $7.18. The RSI is also hovering at a straight line at inde 35 hinting at a competition between the sellers and buyers.
Polkadot price analysis conclusion
The Polkadot price analysis is on the bearish side, and the coin is under market pressure right now. If bulls succeed in getting more support, then the price may recover above $7. On the other hand, if the bearish pressure continues, then the price may close in $6 range today. There are more chances for the later situation as the bears are having an upper hand at the moment.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-09-16/