Polkadot price analysis: DOT declines to $6.61. More downfall ahead?bit2main
The Polkadot price analysis is on the bearish side as the bears have denied any further upwards price movement today. The downswing has started again, and the price has started decreasing. The price is now touching the $6.61 level after it started to decline at the start of the trading session. The past three days show bullish price movement, but the trend has changed now, and bears are exerting control over the price function. Bulls and bears have been changing positions for the entire past month as a wavy price movement can be seen on the charts, but overall, the bears have been in a dominating position as the price has decreased compared to the last month.
DOT/USD 1-day price chart: DOT loses four percent
The 1-day price chart for Polkadot price analysis shows the price started to decline today, after three days of an up wave as bears made a comeback. The DOT/USD price has decreased to the $6.61 level at the time of writing, as today, again, the price breakout was downwards, marking a red candlestick on the charts. DOT has lost 4.15 percent value over the last 24 hours and reports a loss of more than 10 percent over the past week. The trading volume has decreased by 11.85 percent, and the market cap has decreased by 3.94 percent, resulting in a market dominance of 0.71 percent.
The volatility is decreasing, which means that the downswing might last for the coming days as well as the Bollinger bands Indicator is converging again; as can be seen, both its ends are coming near, the upper limit has traveled to $7.75, and the lower limit has traveled to $6.26, which is representing support for DOT. The Relative Strength Index (RSI) score has been lowered down to index 41, indicating the selling pressure, which has triggered the selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price cart for Polkadot price analysis shows the price fell steeply at the start of the trading session following the bearish pressure that arose at the end of the previous trading session, and the downfall continued for 12 hours straight. Currently, bulls are trying to elevate the price again as a green candlestick has appeared on the hourly chart, indicating price movement upwards. This is a hopeful sign, but bulls might not be able to defeat the bears completely. The price has fallen below the moving average (MA) value which is present at the $6.76 mark.
The volatility has increased on the 4-hour chart, and the Bollinger bands are covering more area. The upper Bollinger band is present at $6.99, the lower Bollinger band is at $6.20, representing support, while the overall average of the indicator is marked at $6.60. The price, after falling below the average line, has again recovered above it. The RSI curve has also been turned upwards, and the score is 47 at the moment, but the curve is not very steepish, which hints at the bearish pressure still there.
The technical indicators chart confirms the bearish lead as well, as there are 16 indicators that are giving selling signals, with nine indicators being neutral and only one indicator giving a buy signal out of a total of 26 technical indicators available for analysis.
Polkadot price analysis: Conclusion
The Polkadot price analysis is predicting that a downtrend has been following today. The price has decreased to $6.61 at the moment due to continuous selling pressure. A further downfall in coin value can be expected as the bears have returned. The price has been persistently moving up, but the chances of improvement for the DOT are still limited.
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