The Polkadot price analysis predicts a decreasing trend for the day as the coin value lowered to $7.27 again. The coin seems to enter consolidation, and bears were dominating the market prior to this, but now the coin is maintaining its price value in a narrow range around the $7 range as support also seems strong near $7. Along with the support present just below the current price, the bearish pressure is also there as the crypto pair has been unable to recover to a considerable level and seems strongly range bound at the moment.
DOT/USD 1-day price chart: Bears bring another 1.57 percent loss
The daily Polkadot price analysis confirms a solid bearish trend for the day. The bears have been dominating the market for the past few days, and the price covered a decreasing movement in the past 24 hours as well. Bulls provided some cushion to the price action on 21 August 2022, but the bears are in control overall. DOT/USD is trading hands at $7.27 at the time of writing, after losing 1.57 percent value overnight, while the weekly loss amounts to $16.53. The trading volume has increased by 28.36 percent, and the market dominance of the cryptocurrency is 0.80 percent.
Moreover, the daily price chart’s moving average (MA) value is at $7.86 as a crossover between SMA 20 and SMA 50 has also been recorded a few days back, which is a further bearish indication.
The Bollinger bands are diverging, increasing the volatility for the DOT price function. Meanwhile, the upper Bollinger band has been readjusted to $10, representing resistance, whereas the lower Bollinger band displays a $6.95 value representing support. The Bollinger Bands average is forming at the $8.47 mark above the MA value. The Relative Strength Index (RSI) score just reached index 38 in the lower half of the neutral zone due to the selling activity.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis predicts a bearish trend, as well as the DOT/USD market value, has been decreasing again. The bulls tried to control market trends as they struggled to upraise the coin’s value for 20 hours, but bears have struck again, and the price has decreased considerably during the last four hours; as a result, the latest development has been in the bearish direction as the price lowered to $7.26.
The volatility is low on the four-hour chart. The upper value of the Bollinger bands indicator is present at $7.55 height, whereas the lower band is present at the $7.11 level suggesting a narrow channel for the price movement. The RSI score is decreasing again, which was uplifted because of the previous bullish trend and is present at index 39. At the same time, the moving average value at present is $7.29, and the price traveled below the MA.
Polkadot price analysis conclusion
The Polkadot price analysis predicts a bearish trend for the day as the coin value decreased up to $7.26. The bears are dominating, but now the coin seems to be holding up its price level in a range-bound fashion. At the same time, the hourly price chart also shows red candlesticks as the price has been recorded, covering a range downwards during the last four hours as well. We expect DOT to trade in the $7 range today.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-23/