Signal price

Polkadot Price Analysis: DOT Struggles To Hold $7 As Bears Step In

Polkadot price analysis shows that the price function is once again facing downside resistance after the downtrend returns to the market. The price has rallied back to the $7.01 level in the last 24 hours, and it is expected to experience further decline in the next few hours. There have been constant changes in the trends as highs and lows can be seen in the price movements over the past week with the balance of forces favoring the bearish side, and today the bears are again in a leading position. The odds of the bulls recovering today are dwindling, and the coin may soon dip into the $6 range.

DOT/USD 1-Day Price Chart: Cryptocurrency Takes Damage Again

Polkadot’s 24-hour price analysis reveals that the bears are pushing for a comeback and have brought the price back to the $7.01 level today. Yesterday’s uptrend was interrupted by a bearish strike, and today the price fell further as the coin lost a nominal value of 0.12% in the last 24 hours. We can expect a further trend change in the coming week, as the price has been constantly fluctuating. The moving average (MA) indicator in the 1-day price chart shows its value at $7.26, which is above the current price, but it may soon cross below the SMA 50, which will be an indication bearish.

DOT/USD 1 day price chart. Source: Trading View

The level of volatility has been the same over the past 24 hours as the Bollinger Bands maintain their distance. The upper value of the indicator is present at $7.82 which represents the resistance, and the lower value at $6.69 represents the support. The Relative Strength Index (RSI) score is in the neutral range below the 43 index, which is still a good score, but the slight downward curve in the indicator hints at the activity of sale in the market.

Polkadot Price Analysis: Recent Developments and Other Technical Indications

The 4-hour price chart for Polkadot price analysis shows that the price declined until four hours into the start of today’s trading session as the price breakout was on the downside. However, the price has started to rise again in the past four hours, indicating that the bulls are trying to gain control, but the bears are still in a more dominant position. The moving average is trading at a position of $6.80 in the 4-hour chart.

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4 hour DOT/USD price chart. Source: Trading View

The SMA 50 curve is trading above SMA 20, confirming major downside pressure on the cryptocurrency. Volatility has decreased as now the upper value of the Bollinger Band is at $7.17 while the lower value is at $6.80. The RSI score was down, but has now risen to 45, hinting at buying activity in the market.

Technical indicators for Polkadot price analysis point to bearish signals as the cryptocurrency is already under bearish influence. There is only one indicator giving the buy signal, 10 indicators in the neutral position and 15 indicators giving the sell signals.

Polkadot Price Analysis Conclusion

The price has suffered a loss in the last 24 hours as confirmed by the 1-day and 4-hour Polkadot price analysis. The bears are struggling to maintain their top position on the price charts and have pulled the price back to the $7.01 level. A further decline in the coin’s value is highly possible in the coming hours, as the hourly prediction favors the downtrend after a steady decline in the coin’s value. Polkadot appears to be strictly range limited as of now and may remain in the same range for today as well.

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