Polkadot price analysis: Price drops to $15.9 low as DOT sheds another nine percent

TL;DR Breakdown

• Polkadot price analysis predicts a bearish trend.
• Resistance for DOT is present at the $17.8 level.
• Support is present at $15.6 position.

The latest Polkadot price analysis is bearish as the price function continues covering the downward movement for today as well. The bears have been occupying the leading position for the past few days, and today the trend lasted in favor of the sellers once again. The coin value decreased to $15.9 in the past 24-hours, and a further decrease is expected if the selling pressure remains persistent. The hourly price chart is also in support of the sellers as a continuous decline in DOT value has been observed for the last few hours as well.

DOT/USD 1-day price chart: Price takes a downturn to $15.9 seven months low

The one-day Polkadot price analysis predicts a decreasing trend for the cryptocurrency as the coin value levels down during the day. Red candlesticks mark a bearish trend for the market, as the price slips to the lowest of the last seven months at $15.9 at the time of writing. The trending line is now moving descendingly again from the last two weeks, which further confirms the bearish wave that is now overpowering the bulls. Furthermore, the moving average (MA) value in the one-day price chart settles at the $17.9 mark, quite above the price level, as the SMA 20 curve continues to trade below the SMA 50 curve.

The volatility is increasing, which may provide opportunities for the bulls to bounce back, and the future market trends may turn in favor of the buyers. At present, the upper limit of the Bollinger bands is present at the $23.1 mark, and the lower limit of the indicator is present at $15.6, representing the support for the falling DOT price. The Relative Strength Index (RSI) score has moved down to index 30 as the selling activity is triggering the downslide. The RSI may enter the underbought region in the coming hours if the selling pressure continues to hit.

Polkadot price analysis: Recent developments and further technical indications

The hourly Polkadot price analysis also supports the sellers as the price underwent an extreme decline in the past few hours as the bears have been controlling the market for the last 16 hours continuously. Currently, the circumstances are going in favor of the sellers. The coin value has receded past $15.9 in the last four hours As the selling momentum has been intensifying.

The moving average value in the hourly price chart is standing on the $16.6 mark.
On the other side, the volatility is increasing, and the next few hours can prove critical for the cryptocurrency’s overall progress. The upper limit of the Bollinger bands, thus, is now standing at $18.4, while the lower Bollinger band is touching the $15.8 edge. The RSI score is quite close to the over-sold limit, i.e., 31, as a strong bearish current was observed in the previous hours.

Polkadot price analysis conclusion

The daily and hourly Polkadot price analysis predicts a downward trend for cryptocurrency today. The price has reached down to $15.9 low after the latest bearish strike, which is lowest after 30th July 2021. Chances of the further downtrend for DOT/USD are also there as the selling momentum is continuously intensifying. The hourly price chart also shows a downtrend as the last four hours recorded a price drop as well.

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