- The price has declined up to $40.9.
- Polkadot price analysis confirms bearish lead.
- Support is evidently strong at $26.90.
The Polkadot price analysis reveals the price is going down once again as the bearish momentum has been restored back. The DOT/USD price has faced a significant decline in the past few days because of the increase in bearish pressure. The price dropped today as well and has moved down to the $40.94 level. The trends have undergone reversal as the bearish trend has been dominant for the past few weeks.
DOT/USD 1-day price chart: Recent setback lowers price levels down to $40 limit
The price has been going down constantly for the past few days and even today a downward price movement has been recorded. The cryptocurrency is facing extreme bearish pressure which is why the price has decreased up to $40.94. Although the bulls remained at the lead mostly during this month, this week’s trend has been in the favor of the bears. The moving average indicator (MA) is showing its value at the $40.09 position.
The short-term trending line is also moving in the descending direction which is a confirmation of the bearish trend. Whereas the Bollinger bands indicator is showing the following values; the upper Bollinger band value is $44.94 while the lower Bollinger band value is $26.90. The Relative Strength Index (RSI) score has moved down to 62.64 as well.
Polkadot price analysis: Bears resume dragging price levels towards further lows
The 4-hour price chart for Polkadot price analysis shows bears have been dominating the price chart for the past few hours, and the price has dropped down at a significant rate. This is a disappointing sign for the buyers, as the chances of a bullish comeback are still minimal. The downward trend has taken the price to the $40.94 level, and a further decline in price can be expected. The moving average value for the four hours price chart is at $41.26 position.
The SMA 50 curve is still traveling above the SMA 20 curve which is also a bearish indication. The decreasing volatility has changed the Upper Bollinger band value to $43.1 and the lower Bollinger band value to $40.35. The RSI score has reached the average position of 49.10 in the last fours hours.
The bulls have been at the lead in the past few months if we observe the price movement from a general overview. This is why the technical indicators chart for DOT/USD is supporting the bulls today. There are 14 indicators at the buying level, 10 indicators at the neutral level, and only two indicators at the selling level.
The moving averages indicator is also giving a favorable signal for the buyers. There are 13 indicators standing on the buying position while the remaining two indicators are on the selling and neutral positions each. The Oscillators are showing a neutral trend as there are nine oscillators in the neutral position, one oscillator on the selling level and one on buying level.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis is dictating a sharp drop in price today as the bears have been able to make a comeback. Now the price levels are standing at $40.94 position and a downtrend is taking place. Further decline in price is to be expected as the hourly prediction is supporting the sellers as well.