Polkadot price analysis: DOT slowly continues sideways at $6.36, spike lower incoming?

The Polkadot price analysis indicates the market seems to be showing a relatively bearish trend as the DOT price corrects down to the $6.36 mark. If we observe the trend, in the past few hours, the market price of DOT has constantly been sinking as observed by the red candlesticks, indicating bearish momentum, as the coin was rejected from the further upside at the $6.37 level. The next support for DOT is present at $6.28, which is still quite low from the current price.

The Cryptocurrency has been trading within a descending triangle pattern for the last 24 hours, which is a bearish continuation pattern. The price is currently trading at the bottom of the triangle and the coin is down by over 0.6% in the last 24 hours. The 24-hour volume for DOT is currently at $123 million and the total market capitalization is $7.14 billion.

DOT/USD 1-day price chart: DOT corrects above $6.00

The Daily price chart for Polkadot price analysis shows bears are defining the price curve today. The DOT/USD was corrected after a slight bullish price movement yesterday. The DOT/USD pair is trading hands at $6.36 at the time of writing. 

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DOT/USD 24-hour price chart Source: TradingView

The moving average (MA) is standing at $6.33 just close to the price level. The volatility for DOT/USD is on the higher side, but the Bollinger bands are now diverging, with the Upper band at $6.37 representing resistance for DOT, and the lower band at $6.28 representing support for the cryptocurrency, making an average of $6.34. The relative strength index (RSI) is also confirming the sluggish bearish price movement for today as it is on a very slight downward curve at index 42.32, almost hovering near the same score.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows that bears are striving for the lead and have caused some damage to the overall price value, but at the same time, the bulls have dodged the bearish pressure as support has appeared and the price function is headed up once again. However, the bulls have emerged, and they are in control of the market for the next coming hours.

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DOT/USD 4-hour price chart Source: TradingView

The Bollinger Bands on the 4-hour chart have been keeping their average at $6.44, which is higher than the current price level, whilst the upper band is at $6.35, and the lower band is at the $6.34 mark. The RSI, after falling down, has started to recover at index 46.69, as the curve is slowly turning upwards as the buying activity resumes in the market.

Polkadot price analysis conclusion

Overall, Polkadot price analysis shows that the market was in a bearish trend on the Daily price chart as the price has been trading below the $6.36 mark but the bulls have taken control of the market for the last few hours as seen on the Hourly chart. However, if the bulls continue to take control of the market and push the price above the $6.37 mark, then a short-term rally may occur.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-10-09/