Polkadot price analysis: DOT corrects at $7.73 as the price enters the resistance zone
Resistance for DOT/USD is present at $8.07.
Support for DOT/USD is present at $7.62.
The Polkadot price analysis for today is bearish. The DOT/USD was recovering up till yesterday as the bulls had control, but the bullish momentum slowed down yesterday, as bulls were unable to uplift the price above the $7.79 level, from where the price started to correct. Today DOT is correcting again and is trading hands at $7.73 after a slight loss, as the selling pressure is high at this stage, so the trend has also turned bearish.
DOT/USD 1-day price chart: Price degrades as bears take charge
The 24-hour Polkadot price analysis shows a decline in price today after three continuous days of bullish activity when the price increased tremendously. Today the price level has decreased up to $7.73 as the coin has lost 1.21 percent value during the last 24 hours, and as the trend was bullish previously, the crypto pair still shows a profit of 5.42 percent in value over the past week. Further decrease in price is also expected in the coming hours if the selling pressure continues.
DOT/USD 1-day price chart. Source: TradingView
The Bollinger bands are expanding substantially, with the upper band present at the $7.89 mark representing the strongest resistance and the lower band present at the $6.73 mark representing the strongest support. The average of Bollinger bands is at the $7.31 level below the SMA 20 curve. The moving average (MA) is at the $7.42 mark below the price level. The relative strength index (RSI) is on a downslope in the upper half of the neutral zone and is trading at index 53, implying the selling pressure.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows bears are in control of the market today without any noticeable interference from the buyers’ side. However, bullish efforts are emerging again as a green candlestick appears in the last hours. The price has yet to be elevated, but a further deficit in price value is highly expected in the coming hours.
DOT/USD 4-hours price chart. Source: TradingView
The volatility is on the higher side on the 4-hour chart as the Bollinger bands are expanded, and their values are as follows; the upper band is at the $8.03 mark, and the lower band is at the $7.14 mark, while the indicator is making the mean average line at the $7.58 mark below the price level and the mean MA is settled at the $7.72 mark.
The relative strength index (RSI) has also traveled lower and is trading at index 60 though still in the neutral range, and the current buying opportunity has stopped further slippage of the indicator’s score.
Polkadot price analysis conclusion
The Polkadot price analysis indicates bearish signs for the cryptocurrency as, overall, the selling pressure is in the market. DOT/USD is correcting again after a good recovery, and it is expected that the coin will continue downside for the next few hours.
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