The Polkadot price analysis is bearish as the price has further declined today. The price levels have reduced to the $8.76 range, and a steady decline in DOT price has been going on since 13 August 2022, yet yesterday bulls tried to make some recovery, but bears returned and decreased the price. Today, bears have taken the lead back, and the downtrend has been restored again. Further decline in price levels is also expected in the coming hours.
DOT/USD 1-day price chart: DOT loses more than four percent
The 1-day Polkadot price analysis shows the cryptocurrency is following the downtrend again, as bears have regained their momentum after just a few hours of bullish activity. The coin value has started to decline again as it has reached down to $8.76, losing more than 4.81 percent value. As the trend remained downwards for the last week, the coin reports a 5.05 percent loss over the last seven days. The trading volume has also decreased by 20.13 percent, and the market dominance is 0.85 percent today.
The volatility is decreasing at a massive scale, which is a supportive indication for the future of cryptocurrency as the lower limit of the volatility indicator is showing more convergence inwards, and it has reached the $7.63 level, still quite lower as compared to the price level indicating support for DOT’s price function. The upper limit of the Bollinger bands is at the $9.70 mark, which shows the strongest resistance. The moving average (MA) is at the $9.13 mark, far higher than the current price level and also above the SMA 50 curve. The relative strength index (RSI) is trading in the upper half of the neutral range, but its curve is downwards and has reached index 53, which shows the bearish pressure on the DOT price.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $8.76, as the trend remained bearish for today after the last bullish activity recorded during the first four hours of the current trading session. Although the price recovered earlier for a brief period yesterday but decreased again, the most recent trend is going in favor of bears as well.
The bearish momentum seems to be intensifying in the upcoming hours, as the moving average (MA) is also at a greater height as compared to the current price, i.e., $8.87. Also, the Bollinger bands values in the 4-hour price chart are as follows; the upper Bollinger band is at $9.74, whereas the lower Bollinger band is at $8.55, respectively. The RSI has declined to index 40 after hovering near the same level on the 4-hour chart.
The price has been trading in the upward direction if we see the DOT’S progress for the past month. This is why the technical indicators for DOT/USD indicate a bullish trend, with 10 indicators on buying position, nine indicators on neutral position, and seven indicators on selling position.
Polkadot price analysis conclusion
The Polkadot price analysis shows the bearish pressure continued for today as well, which decreased the price levels to the recent price level of $8.76. The bearish trend seems to be extending in the future, and we expect DOT to continue downside for the next 24 hours.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-16/