Polkadot price analysis: DOT struggles at $7 as the market turns bearish

Polkadot’s price analysis indicates a bearish trend as the selling pressure still persists in the market. The market followed the bullish trend yesterday, but the value gained during this period was minimal and the selling pressure returned. The bulls are trying to keep the price above the $ 7 level as this appears to be the support level for DOT / USD. The support is present at $ 6.70, and if the support persists, it can help the bulls hold the price levels above the support.

DOT / USD 1 Day Price Chart: DOT reports a 3.28% loss overnight

The 1-day price chart for Polkadot price analysis shows that the bears are defining the price curve today. The DOT / USD was corrected yesterday after a slight bullish price move. The DOT / USD pair is trading at $ 7.01 at the time of writing. The past week as a whole proved detrimental to the cryptocurrency pair as it lost around 7.28% in value over this period. And today, the selling pressure is back and the trend is the same as the bears are defining the price function by driving the price down and another 3.28% loss has been recorded in the last 24 hours.

DOT / USD 1-day price chart. Source: TradingView

The moving average (MA) stands at $ 7.14 above the price level. The volatility for DOT / USD is on the higher side, but the Bollinger Bands are now divergent, with the upper band at $ 9.17 representing resistance for DOT and the lower band at $ 6.19 representing support for the cryptocurrency, averaging $ 7.68. The Relative Strength Index (RSI) is also confirming today’s slow bearish price movement as it sits on a very slight downward curve at Index 40, almost hovering near the same score.

Polka dot price analysis: recent developments and further technical guidance

The 4-hour price chart for Polkadot’s price analysis shows that the bears are fighting for the advantage and caused some damage to the overall price value, but at the same time the bulls avoided bearish pressure when the support and function of the price is directed once again. However, the broader trend is still bearish and may remain bearish for the next few hours.

DOT 4hd
DOT / USD 4-hour price chart. Source: TradingView

The Bollinger Bands on the 4-hour chart have held their average at $ 7.11, which is above the current price level, while the upper band is at $ 7.35 and the lower band is at $ 6.87. The RSI has started to recover at index 43 after declining as the curve is slowly turning up as buying activity resumes in the market.

Conclusion on polka dot price analysis

Polkadot’s price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is also bearish. The present support at $ 6.70 is strong enough to keep the cryptocurrency afloat above, but if the support falters, then DOT / USD could roll down to the $ 6.50 level; however, the chances are less for such a low price.

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.

Leave a Comment