Polkadot price analysis: DOT plunges to $7.31 following a protracted wave of bearishness

Polkadot price analysis is showing signs of a decline since the price has been moving in a downward direction over the past 24 hours. Although the cryptocurrency was under bullish influence earlier this week, bears have taken control and dragged DOT/USD levels down to $7.31 at the time of writing. Both the current resistance level of $7.56 and the current support level of $7.26 for the altcoin may serve as pivot points for future price moves.  However, the bears have been quite successful as a result of the significant decrease that has had a negative impact on the entire value of cryptocurrencies over the past few hours. 

Polkadot analysis 1-day chart: DOT/USD declines by over 3.08%

The daily chart Polakdot price analysis reveals that the DOT is confirming a decline in coin value, as the price has been following a bearish trend for the day. The circumstances are turning favorable for the sellers, as the past few weeks have seen a constant improvement in the DOT market price. Nonetheless, a downturn in price occurred today, which is why the price has been lowered to the $7.31 mark, a decrease of 3.08 percent in the last 24 hours.

The 50 SMA and 100 SMA are both below the current DOT/USD trading price, indicating that bears have control of the market and a potential decrease in price may occur. More importantly, the Relative Strength Index (RSI) score has moved down to the neutral zone at 55.84, which indicates that buyers are losing their grip on the market and bearish forces are dominating. The moving average convergence and divergence (MACD) level is currently moving into negative territory, with the signal line falling beneath the MACD line.

DOT/USD 4-hour price chart: Latest development

Polkadot price analysis on a 4-hour chart shows that the prices are still heading downward and have reached $7.31 at the time of writing. The short-term trending line has been descending, and the bears have been showing control over the market for the past few hours. The last four hours have been detrimental to cryptocurrency value, with the price falling noticeably. 

The relative strength index (RS)I indicator is in the oversold zone at 62.26, which means it is trading on a downward slope. The moving average indicator is at 7.429, which indicates that the bears are in control of the market as the prices are currently trading below the level. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator. The moving average convergence and divergence (MACD) line is below the signal line, indicating that the bears are still in control of the market.

Polkadot price analysis conclusion

Overall, the price analysis for Polkadot indicates that the prices are going down as they drop below the $7.31 level. Prices have now found support at the $7.26 level as buyers move in to defend this important level. The market is particularly unstable as a result of the wide range of price variations. The bears are seen as being in control of the market as they work to force prices lower.