of Polka dot Price analysis shows a slight drop in price levels as the price is currently down to $7.12. Above $7, selling pressure will increase and progress will turn bearish.
The bears triggered a sudden crash on Sept. 6, 2022, when the ongoing bullish trend suddenly reversed direction, causing the price to oscillate downward and plunge the price level down to $6.86. The bull market also saw him recover rapidly to $7.19 on Sept. 7, but failed to surpass this level, with selling pressure reappearing and negating further growth potential. The closest support for the DOT is $7.03 and it looks like it will start testing soon as the price has yet to find support.
DOT/USD 1-day price chart: Bears negate further recovery
of polka dot price Analysis shows that bearish momentum is gaining strength in the daily price chart as price levels are dropping hourly. Today, the trend is in their favor again. As a result of the downtrend, the price has dropped to his $7.12 level, which is pretty close to the current support level. coin reports a 2.18% increase in value over the last 7 days. Moreover, the moving average (MA) value is holding at $7.19.
The Bollinger Bands have converged and the volatility has dropped, with the upper end of the Bollinger Bands currently representing resistance at $7.69 and the lower end at the $6.78 level representing support. The Relative Strength Index (RSI) score has dropped to index 43 even in the lower half of the neutral zone as the downtrend line is moving.
Polkadot Price Analysis: Recent Developments and Further Technical Indications
Polkadot price analysis’s 4-hour chart is unfavorable for buyers as the bears continue to lower price levels. As selling activity increases, more and more red candlesticks appear on the price chart. The price is currently at the $7.11 level. However, the price deficit is not steep. The moving averages are resting at $7.07, which is relatively low. The Bollinger Bands average was above his MA value by $7.24.
The volatility used to be higher, but now the upper band is starting to diverge, so it is now at $7.74 and the lower Bollinger band is down to $6.75. The downtrend has also caused the RSI score to drop, reaching the index of 45, indicating selling pressure in the market.
Conclusion of the Polkadot price analysis
Polkadot price analysis confirms that a downtrend has occurred in the last 12 hours. The bearish momentum is still here as the price recently dropped to his $7.11. This regular drop has done a lot of damage to the overall bullish price action.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.