Polkadot price analysis: DOT retraces at $9.48, after rallying high yesterday

The latest Polkadot price analysis shows bearish price action as the price is decreasing, and the price has been following a decreasing movement for the last 16 hours. The cryptocurrency has been under the bullish lead for the past few days, and the trends changed abruptly yesterday from bearish to bullish in just a few hours. The price deficit is quite small until now as the coin is retracing downwards after jumping high yesterday as it trades at $9.48. The trend can undergo a change if the market sentiment turns positive for which there are ample chances in the coming hours, as the trend line is forming upwards for DOT/USD.

DOT/USD 1-day price chart: Bulls rest after rallying high

The one-day Polkadot price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. On the other hand, DOT has gained a value of 9.95 percent over the last 24 hours as the current price of DOT/USD is $9.48 at the time of writing, and DOT also reports a gain of 16.59 percent over the past week due to the bullish trend observed in the market. The trading volume has increased by 23.91 percent, and the market cap has increased by 10.04 percent, resulting in market dominance of 0.90 percent.

The moving average (MA) has also traveled high and is present at the $8.81 marker. The SMA 50 curve is traveling below the SMA 20 curve as the overall scenario seems bullish at the moment even with the price decreasing. The increase in volatility has taken the upper Bollinger band value to $9.75 representing the resistance and the lower Bollinger band value to $6.67, representing support for DOT price. The Relative Strength Index (RSI) score has moved down to the index 65 levels as selling activity is still in the market.

Polkadot price analysis: Recent developments and further technical indications

The price is headed down according to the four hours Polkadot price analysis and has reached the $9.48 position. The bears are striving for control over the market for the past few hours, but the decrease in price is nominal and bulls can takeover any time. The last four hours have also seen selling activity as the cryptocurrency value is decreasing slowly.

The Bollinger bands indicator is showing an average of $9.11 now. Whereas its upper band has been relocated to $9.73 point and its lower band is present at $8.49 point. The slight drop in price has resulted in a little decrease in RSI score as well, and currently, the indicator is floating around index 63 which is still a high score.

Polkadot price analysis conclusion

The Polkadot price analysis suggests a decline in price has been observed during the day, which is why the DOT/USD price has stepped down to $9.48 level, the price on the 4-hour chart has also been decreasing during the last hour. Keeping in view all these facts, there still are chances for the trend to turn bullish any time in the coming hours as most of the indicators are giving out bullish signals.

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