Polkadot price analysis: DOT steps down to $16.8 as bearish trend aggravates

TL;DR Breakdown

• Polkadot price analysis is bearish today.
• Resistance for DOT/USD is present at $18.1.
• Support for DOT/USD is present at $15.7.

The Polkadot price analysis is bearish as the cryptocurrency observed another heavy sell-off today. The recent bearish slide proved detrimental for the coin value as the bearish momentum has been revived in the past few days. The price function is headed straight down for today, as the market has turned completely bearish. The bearish momentum has proved to be quite overwhelming for the bulls, as the price has sunk down to $16.8 seven months low. The current price level is also a support level and is under test if it persists; if not, then the next support for DOT/USD is present at $15.7.

DOT/USD 1-day price chart: Downsweep pushes coin value to $16 boundary

The daily Polkadot price analysis confirms a strong bearish trend for the market today as the price covered a downward movement in the past 24-hours. The sellers have been in the leading position for the past week as a continuous downslide in the DOT/USD value was observed. The bearish price curve just reached the $16.8 low at the time of writing, losing more than seven percent value overnight because of the stronger pressure from the sellers’ end.

The Moving Average (MA) stands at $18.5, quite higher than the current price as the coin price value has lost nearly 12 percent over the last week as well. The volatility remains mild comparatively, with the upper Bollinger band present at the $22.7 mark, whereas the lower Bollinger band is present at the $16.6 mark representing the strongest support for DOT as the price has almost reached this support level. The Relative Strength Index (RSI) score has been reduced to index 34 as well due to the high selling pressure.

Polkadot price analysis: Recent developments and further technical indications

The four-hour Polkadot price analysis leads the sellers as well, as the price took a downturn at the start of the trading session. Overall, the bulls tried to stop the downtrend earlier yesterday, but the bears remained dominant, and the current scenario seems to be favorable for the bears as well. The coin value has receded to its seven months lowest, which is $16.8, with the most damage observed during the last four hours.

The moving average stands at a higher level, i.e., $17.6, as the SMA 50 curve continues to trade above the SMA 20 curve because of the significant fall in price levels. The Bollinger bands Indicator shows high volatility on the 4-hour chart as the Bollinger bands are expanded. The upper value of the indicator is at the $19.4 mark, whereas the lower value is $16.8. The RSI score is now critically low near the under-bought limit at the index 31, and if the selling activity continues, then it may step into the undersold zone in the coming hours.

Polkadot price analysis conclusion

The Polkadot price analysis confirms that the price has undergone a severe decline during the day. The DOT/USD price is now touching the $16.8 mark, which is the lowest of the last seven months, and it can be expected that it will move down to further lows in the approaching hours. However, the price has reached the support zone, and there are chances that the price may bounce back from here if buyers’ support comes into play.

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