Polkadot price analysis: DOT swings low towards $20.4, losing 6.18 percent more

TL;DR Breakdown

• Polkadot price analysis is bearish today.
• Resistance for DOT/USD is present at $21.9.
• Support for DOT/USD is present at $19.3.

The Polkadot price analysis is bearish today as a further loss in price value has been observed. The price has been devalued to $20.4 today as well after encountering extreme loss yesterday. The DOT/USD has been on a downtrend again since 8th February again, after continuous bearish strikes. Previously the trend was going in favor of the bulls, but now the trends have changed as the price is going down slowly. The loss for today is minimal, but still, the price function is trading in reds.

DOT/USD 1-day price chart: DOT sheds 6.18 percent more

The one-day Polkadot price analysis is showing a bearish trend for today as the price function is covering a range downwards for today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. Yesterday bears caused a massive drop in price levels as a heavy sell-off was observed, and the price has been lowered to the $20.4 level after the latest drop today. The moving average indicator (MA) is present at the $321 mark above the price level.

The volatility has decreased notably after the Bollinger bands converged during the past few days, but still, some mild volatility is there for DOT. The upper Bollinger band value is $22.6 representing the strongest resistance, whereas the lower Bollinger band value is $16.7 representing the strongest support. The Bollinger bands are maintaining an average of $19.7. The Relative Strength Index (RSI) is present at index 44 in the neutral region, indicating unfavorable circumstances for DOT.

Polkadot price analysis: Recent developments and further technical indications

Yesterday’s drop in price has been quite damaging for the coin value. The price is going down continuously as the bearish trend has been observed during the last four hours as well. Although the price recovered earlier for a brief period yesterday but then decreased abruptly, the most recent trend is going in favor of bears as well. The current price is still below the moving average, whose value is present at the $21.2 mark on the 4-hour chart.

The Bollinger bands indicator average has been maintained at $21.5, above the MA value, whereas the upper Bollinger band is showing a $22.8 value, and the lower band is showing a $20.33 value, representing a mild volatility range for DOT. The price is trading just above the lower limit of the volatility indicator. The RSI curve is hovering in the lower half of the neutral zone at index 38, heading slightly down as the sell-off has slowed down, but still, the pressure seems to be there.

Polkadot price analysis conclusion

The one-day and four hours Polkadot price analysis is predicting a bearish trend for the day as it has been confirmed. The bears have succeeded in bringing the price down to $20.4, which was quite unexpected. The selling momentum has been consistently on the rise for the past few hours and has slowed down to some degree at the moment; thus, further downfall can also be expected in the coming hours.

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.