The Polkadot price analysis for today reveals bulls are trying to divert the bearish pressure. DOT/USD price has got support at the $7.04 mark as bulls made a comeback after the bearish dominance observed for the past three days. As bulls are trying to overcome the bearish pressure, DOT price has slightly increased up to $7.13 after getting support. However, the bearish pressure is still there, and a possibility is there for the crypto currency’s price to slip further down. The $7 range is still proving to be a support ground for DOT, which still holds up.
DOT/USD 1-day price chart: Bulls initiate price movement upwards
The 1-day price chart for Polkadot price analysis shows bulls have succeeded in diverting the trend in their favor as of now, but the gains are small and can turn negative at any time. DOT price has reached $7.13 as the coin still reports a loss of 7.23 percent in value for the last 24 hours due to yesterday’s crash. On the other hand, the coin is in profit of 1.73 percent for the past week as the price trend line remained upwards prior to that. The trading volume is also low today as it decreased by 3.51 percent, providing a market dominance of 0.80 percent.
The volatility has been mild, and the Bollinger bands show the upper band at the $7.82 mark, representing the resistance, and the lower band at the $6.70 mark representing the support. The average of Bollinger bands is at the $7.26 level. The moving average (MA) is at the $7.40 mark above the SMA 50. The relative strength index (RSI) is trading in the lower half of the neutral zone at index 43 but is now on an upward trend.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows bulls were in power at the start of the day and elevated the price levels, but now the bears have intervened again. The last four hours also show bearish activity as the price is decreasing again and has gone down to $7.14 just recently.
The volatility is comparatively on the higher side. The Bollinger bands’ values are as follows; the upper band is at the $8.10 mark, and the lower band is at the $7.01 mark. Bollinger bands are making an average at the $7.56 mark above the price level. The moving average is trading at $7.34 below the SMA 50 curve. The relative strength index (RSI) is present at index 37 in the neutral range, and the curve shows a lack of momentum from either side of the market.
Polkadot price analysis conclusion
The 1-day price chart for Polkadot price analysis indicates bullish signs for the cryptocurrency, but the 4-hour chart shows negative movement, as overall, the crypto market is recovering today, and DOT/USD is also following the trend. We expect the cryptocurrency to continue upside for the next 24 hours to retest the $7.27 resistance if the bulls return.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-09-14/