The price fell slightly again today as the bears regained control of the market, according to Polkadot’s price analysis. After the continued bullish activity of the past three days, the price function again got out of balance and the price was lowered to the $ 7.27 level. The bears are therefore holding their lead at the moment after making a comeback and a difference in the price ratio. The cryptocurrency can be expected to suffer further losses in the next few hours if the bearish pressure persists. On the other hand, as we saw yesterday, there are eminent possibilities of a turnaround in favor of the bulls.
DOT / USD 1-Day Price Chart: Price still trading in red
Analysis of the 24-hour Polkadot price shows that there has been a sharp drop in the DOT / USD price in the past 24 hours, as the price has dropped to $ 7.27. Although the trends have changed continuously over the past few weeks, today’s trend has proved very favorable to the bears. At the same time, the bullish activity of the past three days has allowed the coin to post a profit of 4.93 percent in the past week, which suggests the bullish trend of the cryptocurrency as the coin was at a loss earlier. The moving average (MA) is present at the $ 7.10 level on the one day price chart.
Volatility has decreased. So it can be expected that the current correction may not last long. The Bollinger Bands Indicator determines the following values for the day; the upper value is $ 8.64 which represents resistance, and the lower value is $ 6.38 which represents support. The Relative Strength Index (RSI) score fell to index 44 due to the downtrend, suggesting selling activity in the market.
Polka dot price analysis: recent developments and further technical guidance
The 4-hour price chart for Polkadot price analysis shows that a tremendous drop in prices has been observed in the past few hours. The price has plummeted to the $ 7.27 level as the bearish wave has been quite strong in the past few hours. However, this strong correction appears to be a reaction from the bearish side to the sudden spike towards $ 7.54 from the bullish side. The correction was obvious as the value of the cryptocurrency worsened to the previous level; however, the price is currently on the rise as the correction appears to have ended. If we go ahead and talk about the moving average indicator, its value stands at $ 7.29.
There was a crossover between SMA 20 and SMA 50 in the early hours, which is again a bullish sign. Moving forward, the Bollinger Bands indicator values have also changed, as the upper value is now at $ 7.46 and the lower value is at $ 6.90. The RSI score is rising again and is now at Index 53 levels as the buying activity has resumed.
Conclusion on polka dot price analysis
The one-day, four-hour Polkadot price analysis predicts that the current bearish trend appears to be coming to an end for today as the price has started to recover again. This can be confirmed by the appearance of the green candle on the 4-hour chart. However, the bears managed to push the price to $ 7.27, which is quite expected. At the moment, the buying activity has restarted and we can expect the currency to continue bullish for the next few hours today.
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