Polkadot price analysis shows that the price of the cryptocurrency is once again on a downward trend as the bearish momentum returns to the market. The DOT/USD price has been falling over the past few days, which can be attributed to increased bearish pressure in the market. Today, the price of Polkadot has further declined, reaching the level of $5.39.
DOT/USD 1-Day Price Chart: Investors brace for impact as price touches $5.39 limit after setbacks
Over the past three days, the price has been steadily falling, and based on the 1-day Polkadot price analysis, today’s price trend is also negative. Due to strong bearish pressure, the price of the cryptocurrency has dropped to $5.39. Despite the bulls’ continuous efforts to maintain intermediate price levels, this week’s trend favors the bears. At the position of $5.58, the Moving Average (MA) indicator is showing its value.
The fact that the short-term trend line is also moving downward confirms the negative trend. According to the Bollinger Bands indicator, the upper limit of the Bollinger Bands is $6.18, while the bottom value is $533. In addition, the Relative Strength Index (RSI) score has dropped to 36.
Polkadot Price Analysis: Recent Developments and Further Technical Indicators
Based on the 4-hour price chart in the Polkadot price analysis, the bears have controlled the price chart for the past few hours, and the price drop is evident. This is a discouraging sign for buyers as the possibility of a bullish recovery still seems small. Due to the downward trend, the price has dropped to the major level of $5.39, and further price declines are expected. The visible bullish efforts do not seem enough to change the trend. The moving average on the four-hour price chart is also $5.39.
Due to a decrease in volatility leading to convergence, the upper value of the Bollinger Bands has been changed to $5.51, and the lower value has been changed to $5.29. The RSI index has remained at an average position of 42 in the previous four hours.
Polkadot Price Analysis Conclusion
Given that the bears have been able to make a comeback, the Polkadot price analysis for the day and the four hours predicts a significant price drop today. The current price level is $5.39, and there is a downward trend. As the hourly chart also supports selling, the price may continue to fall.