TL;DR Breakdown
- Polkadot price analysis shows a bearish trend today.
- Resistance for DOT/USD is present at $6.45.
- Support for DOT/USD is present at $6.
Given that the price has now dropped to $6.25, the Polkadot price analysis shows a modest fall in price levels. As selling pressure is intense above the current price level, the development has been bearish. On February 8, 2023, the positive trend that had been in place abruptly changed, and the price oscillated downward, generating a significant deficit in price levels down to the $6.73 level.
On January 9, 2023, the price levels further declined, reaching $6.24 as a result of the intense bearish pressure. Following yesterday’s price movement, which was optimistic, selling pressure has returned, eliminating opportunities for additional gains. The $6 level of support for DOT has already had an impact, as the downfall is no more aggressive.
DOT/USD 1-day price chart: Bears cancel out chances of recovery
According to the Polkadot price analysis, the price levels are falling and the bearish momentum is very strong for the one-day price chart. The bears have done a good job of keeping their advantage, and today the trend is once again in their favor. The price value has decreased due to the downturn and is now at $6.25, which is quite close to the current support level. Over the past seven days, the coin’s value has decreased by 9.14 percent. Additionally, the value of the moving average (MA) has remained at $6.52.
The higher value for the Bollinger bands is currently $6.99, representing the resistance, and their lower value is located at the $5.99 level, representing the support. The Bollinger bands are going straight and the volatility is relatively significant. The Relative Strength Index (RSI) score has dropped to index 41 in the lower half of the neutral zone as the downward trending line is on the move.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows that things are going well for buyers because there is support from the bullish side and that the bulls are currently striving to raise the price levels. On the hourly chart, a green candlestick has developed despite the selling pressure, which is a positive development. The price is currently $6.25, as the deficit is not steep. The moving average is resting at $6.23, which is a relatively lower position. A bearish signal is indicated by the average Bollinger band value, which is $6.34 above the MA value.
Previously, the volatility was rising, but now the Bollinger bands are beginning to converge, which is why the upper band is currently at $6.76 and the lower Bollinger band is at $5.91. The downward trend has also caused the RSI score to decline, but now that it has hit index 41, its curve is slightly upward, indicating weak market buying activity.
Polkadot price analysis conclusion
Today’s decline has been confirmed by the Polkadot price analysis. The price has lately fallen to $6.25, indicating that the bearish momentum is still strong. Given that the trend has entirely changed to the downside, this consistent decrease has seriously hurt the coin’s value. In the event that bulls are unable to hold it, the $6 support may potentially be retested.
