TL;DR Breakdown
- Polkadot price analysis highlights sideways price action.
- The price has slightly increased to $5.35.
- Support is present at $5.20 for polkadot.
Today’s analysis of Polkadot’s price reveals that the cryptocurrency has only slightly increased to $5.35. The price movement has been inconsistent, with a modest rise observed. The fluctuations in price are moderate, as indicated by the flatness of the relative strength index (RSI) curve. Yesterday, there was a notable increase in price, although it didn’t fully recover from previous losses.
DOT/USD 1-day price chart: DOT bulls unable to reclaim $5.5
The recent analysis of Polkadot’s price movement shows that it has been mostly moving sideways with a small increase in value. Starting from April 19, 2023, the price has been decreasing due to bearish market conditions. Today, there was a slight rise, bringing the price to $5.35, which is a 2.74 percent increase compared to the previous day. However, over the past week, the coin has experienced a 7.70 percent decline as the negative trend continued. The moving average (MA) value, which represents the average price over a specific period, is currently $5.48, indicating that the current price is lower than the average.
DOT/USD 1-day price chart. Source: cryptopolitan
The recent Bollinger bands analysis shows that there is increased volatility in the market. The upper value of the Bollinger bands indicator is at $6.17, which indicates a level of resistance, while the lower value is at $5.21, indicating support for the price of DOT. However, the price is not being significantly pushed up by the buyers, as indicated by the flat Relative Strength Index (RSI) curve at 36. This suggests that neither the buyers nor the sellers currently have enough momentum to strongly influence the market.
Polkadot price analysis: Recent developments and further technical indications
According to the 4-hour Polkadot price analysis, the cryptocurrency pair initially saw a rise at the start of the trading day, following a rebound in price observed yesterday. However, within the past four hours, the price has dropped again, nearly matching the earlier increase. Currently, the price is settling around $5.35 due to selling pressure that has halted its upward movement.
DOT/USD 4-hours price chart. Source: cryptopolitan
Due to the low volatility, the price of DOT may continue to move sideways. The upper value of the Bollinger bands at $5.50 acts as resistance, while the lower value at $5.16 provides strong support on an hourly basis. The average of the Bollinger Bands is $5.33. The RSI score is currently locked at 49, showing a small downward curve that suggests some selling activity. This is expected as the price is not showing a clear direction yet.
Polkadot price analysis conclusion
After a recent upward breakout, the coin is now retracing in the opposite direction but is currently trading in positive territory. This suggests a bullish sentiment in the current polka dot price analysis. However, it is important to note that the trend could change in the coming hours today. With the presence of bearish pressure, there is a possibility of a pullback in DOT/USD price.
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