Polkadot price analysis indicated that the price has been traveling low for the past few days as the bears have been struggling to remain at the lead. A downtrend has been observed today as well, as the price has been lowered to the $4.52 level as the bears have regained their strength. This has proved to be quite detrimental to the overall coin value, as chances of recovery have been postponed. It is expected that further decline will follow in the upcoming hours as well.
The DOT/USD pair has increased its bearish momentum as the price has been declining low. The price has gone down by more than 1.94% as the bears seem to be in control of the market situation.
DOT/USD 1-day price chart: Recent setback turns price down to $4.52 mark
The daily Polkadot price analysis is confirming a downward price movement for today, as the price has declined up to $4.52. The price has been experiencing a fall in the past few days with bullish interruptions as well. The bears have been able to bring the price down to $4.48 which is a key support level. This bearish momentum is likely to continue in the upcoming hours as well, so investors are advised to be careful while trading with this coin.
The price has gone below the moving average (MA) value as well which is at $4.81. This indicates that the bearish momentum is gaining strength and the bulls are unable to keep up with it. The MACD has also taken a downward turn, which confirms the bearishness of the market. The RSI is currently at 37.71, which indicates that the price is still in a neutral zone and can be expected to turn bearish soon.
Polkadot price analysis: Cryptocurrency faces repulsion above $4.52 as bears steer safe
The four hours Polkadot price analysis is declaring the bearish lead as the price has been consistently declining. A downward trend has been observed in the past few hours as the price has moved down to the $4.52 level. The price has dropped significantly as the bearish momentum has been intensifying in the last four hours. The moving average, in the four hours price chart, is standing at the $4.57 level.
The Histogram has also taken a downward turn, which confirms the bearishness of the market. The MACD is below zero and that indicates that this bearish momentum is likely to continue in the upcoming hours. The RSI is currently at 32.08, which shows that the price is still in a neutral zone and can be expected to turn bearish soon.
Polkadot price analysis conclusion
The price experienced a drop today as has been confirmed by the daily and four-hourly analysis. The bearish momentum has been intensifying in the last few hours, and it looks likely to continue. Investors are advised to be careful while trading with this coin as the price may turn bearish in the upcoming hours. The support and resistance levels should be closely monitored, and trading decisions should be taken accordingly.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-12-21/