Polkadot price analysis: DOT drops below $7.63 after an overwhelming downtrend
The recent Polkadot price analysis indicates a bearish market today, with prices dropping below $7.63 after an overwhelming downtrend. The selling pressure has been strong on the crypto asset, with the support for Polkdot price seen at the $7.30 mark. This bearish market trend has caused more than 1.24% of its value to decrease over the past 24 hours and if the bearish trend continues further, it could see the asset fall even lower.
The bullish trend that was seen earlier this week pushed the prices up to a new all-time high of $7.70, but it wasn’t able to hold on for long and the prices have started to fall again. The current market sentiment suggests that traders are cautious and uncertain in regard to the future of Polkadot’s price movement.
Polkadot price analysis 1-day price chart: DOT/USD drops after bears overcome the market
The daily price chart for the Polkadot price analysis shows a decrease in the DOT price value that has been observed today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well, but overall the coin has been maintaining its price level near the same level. The 24 trading volume is at $487 million while the market capitalization stands at $8.70 billion.
The volatility index for Polkadot is also decreasing, and it has reached its lowest level, The Bollinger Bands also indicate a bearish market trend as the lower band is underperforming while the upper band is above. The upper Bollinger is currently at $7.53, while the lower is at $5.80. The moving average (MA) has traveled just below the current price level and is settled at the $6.77 mark. The Relative Strength Index indicator is trending at the lower level of 66.03 at the time of writing, suggesting a bearish market.
DOT/USD 4-hour price chart: The Polkadot price keeps hovering in the $7.63 range
The 4-hour Polkadot price analysis shows that the price function is in a phase of reversing upwards at the moment, but the green candlestick is still quite small. The price breakout was downwards today, after a small recovery by the bulls at the end of the previous trading session, as the selling pressure appeared again just above the current price level. Currently, the price has moved below yesterday’s closing value of $7.63, which shows a further loss.
The moving average is still trading above the current price level at $7.53 in the four-hour chart, with the SMA 50 curve trading above the SMA 20 curve at the $7.48 mark, which is also a bearish signal. As the volatility is comparatively low on the 4-hour chart, the upper Bollinger band value is at the $7.72 marker, whereas the lower Bollinger band value is at the $7.09 level. The RSI graph is also showing almost straight horizontal movement, as the score has not changed
Polkadot price analysis conclusion
In conclusion, the Polkadot price analysis shows that the bearish sentiment is currently in control of the market and prices are likely to remain below the $7.63 resistance level for some time. The technical indicators have all pointed to a bearish market at this point. The selling pressure is still very strong and it is likely that the prices will remain within a certain range until a clear direction toward an uptrend or downtrend appears.
