Polkadot price analysis: DOT price decreases to $6.27 as bears take back the initiative.

Polkadot price analysis shows that the DOT/USD pair has fallen to $6.27 after a strong bearish signal. The digital asset dropped by roughly 0.62 percent in the last 24 hours, and this has caused the price to reach $6.27. The trend appears to be turning, and selling pressure has emerged, putting the bears in control of the market. As the cryptocurrency has yet to break over this level, the price is encountering resistance at the $6.44 level. The market capitalization of DOT/USD is at $7.22 million, while the daily trading volume has dropped to $207 million. Support for the DOT/USD pair is presently at $6.17, while resistance is at $6.44.

Polkadot price analysis 1-day chart

The 1-day Polkadot price analysis shows that the price breakout was higher at the start of the trading session, but the price function swung downwards four hours earlier. The less volatile market may be unfavorable for the bears, as they now have good chances of maintaining their movement and depreciating the value of DOT even more. However, this will prove to be quite disadvantageous for the bulls.

The upper Bollinger band is now at $6.6547, whereas the lower Bollinger band is situated at the $5.3672 level. If the downfall continues, then soon the price will travel below the lower band. The relative strength index (RSI) score is going towards decline as well and is at a lower than average position of 47.23, quite near the undersold region. The Moving Average Convergence Divergence (MACD) indicator also has some red traces, indicating that the bears are slightly holding on to their position.

DOT/USD 4-hour price chart: Recent updates

The 1-hour Polkadot price analysis shows the price has decreased again after increasing in yesterday’s late hours. The DOT/USD pair is trading hands at $6.27 at the time of writing. As the bears are leading the price function, the DOT shows a decrease in value of 0.62 percent over the last 24 hours. The DOT/USD pair displays a bearish pattern with strong resistance near $; if the bulls break this level, then a further rally towards $6.43 and $6.44 is likely. The next major support for the pair is near the $6.16 level, below which it could plunge to as low as $6.17.

The relative strength index (RSI) is currently at 47.11, which indicates that the coin is in a bearish zone. The MACD also confirms this downward trend, as the signal line has crossed below the histogram and continues to drift downward. The Bollinger bands are slowly contracting, which means that a further downturn in price is quite expected. The upper value of the Bollinger Bands Indicator is now $6.5776, whereas the lower value is now $6.0362, representing high volatility for DOT.

Polkadot price analysis conclusion

In conclusion, based on the Polkadot price analysis, the bears are striving to keep their edge once more as the price has been falling steadily since yesterday. A dip in price can be seen in the fact that the DOT/USD price has dropped to a level of $6.27. Given that the four-hour price analysis also shows a lack of upward momentum, we should expect a decline in price in the ensuing hours.