Polkadot price analysis: Price steps down to the $22 range as DOT sheds 2.66 percent

TL;DR Breakdown

• Polkadot price analysis is bearish.
• Resistance for DOT is found at the $22.9 level.
• Support for DOT is present at a $22 position.

The Polkadot price analysis is bearish today as the coin has undergone a strong correction today. The bulls have performed well over the last week, but two strong bearish strokes can also be seen on the price charts, including today, which has caused a quite negative effect on the bullish momentum. The trend is bearish as the price has been falling from the start of the trading session and the next support for DOT is present at the $22 level, where bulls might get to bounce back.

DOT/USD 1-day price chart: DOT corrects after an uptrend

The 1-day Polkadot price analysis shows bearish signs today, as the price has decreased today following a bullish streak for the past three days. The coin is trading hands at $22.3 at the time while losing 2.66 percent value over the last 24 hours, and the crypto pair also shows a deficit of 2.18 percent in value over the past week. The trading volume has decreased by 23.8 percent, and the market cap has decreased by 3.32 percent overnight, resulting in a market dominance of 1.03 percent.

The volatility is high as the Bollinger bands are expanded. The upper value of the Bollinger Bands Indicator is now standing at $23.9, representing the resistance, whereas the lower value is present at $17.9 representing support for DOT price. The moving average (MA) is trading just below the price level at $22.3 as well. The Relative Strength Index (RSI) score has also decreased down to an index of 60, and the slope is steeply downwards, indicating a high selling activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the bears have taken the lead back after a long time, and the price function has undergone a deficit today. After going through a steep loss, the price has decreased up to $22.3. The bears have been trending for most of the time today except for four hours only when bulls showed some resistance, but bears took over soon again, and the price has been observed decreasing in the last hour as well.

The volatility is also high on the 4-hour chart as well as despite the Bollinger bands showing convergence, the distance between them is still more. Meanwhile, the upper limit of the Bollinger Bands Indicator is now present at the $23.6 marker representing resistance, whereas its lower limit is present at $21.5, representing support. The RSI score has also decreased further in the lower half of the neutral zone to index 47 due to the continuous selling activity.

Polkadot price analysis conclusion

The 1-day and 4-hours Polkadot price analysis favors the sellers, as the price function remained downwards for most of the day. Although the circumstances remained quite unfavorable for the cryptocurrency today, The major trend has not yet been disturbed, but if the selling pressure continues for another day, then the major bulish trend may cancel out.

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