Polkadot price (DOT) shows that the coin finally found support.
- Polkadot price analysis looks extremely bearish
- DOT/USD resistance at $7.79
- DOT/USD support at $7.05
Bulls responded by clapping back. DOT avoided a further downtrend below $7.22, and instead opted for a range up or shooting towards $7.42.
ADA showed some recovery but provided the necessary support for the coin’s price. Due to the market’s intense selling pressure, ADA saw a downward trend that has been lingering longer than a week.
Based on CoinMarketCapThe price of DOT has fallen by 3.65% and is now trading at $7.14 Evidently, it has stabilized and is trading lower than its previous price of $7.34 an hour ago.
Polkadot Bears slap the Bulls
From a 24-hour perspective, Polkadot’s price reveals the presence of intense selling pressure that has resurfaced due to the reduction in coin price.
As a result of increased selling pressure today, the bears also managed to take out bulls who were already winning it.
The bears pushed the price down, and the DOT price fell to $7.34. This sets $7.05. as the next support.
The coin is said to have gained 1.15% profit overnight due to the coin’s bullish streak yesterday. DOT, on the other side, lost 19.76% over the last few days because of intense selling.
MA level of DOT also fell, which can now be seen at $8.04 after falling below SMA 50 curve.
Bollinger bands expanded as a result of the DOT price falling over the last few days. It also indicates an increase in volatility, with both limit skewing. With the higher band now at $9.96, and the lower band at $7.05 supporting Polkadot.
After the bearish sprint, RSI has retraced its decline to index 39 for DOT.
A DOT-RSI Report Shows a Higher Buying Pressure
The 4-hour price chart shows that DOT is showing bearish signs and momentum moving downwards. The support zone for the cryptocurrency, DOT is now in place and DOT prices are spiking. However, the market’s bearish tendency has been supported by a plunge at the start of the trading session. The MA value for the DOT has been spotted in the price zone at $7.36.
The coin’s volatility is also softened with the Bollinger bands demonstrating a sharp convergence. The upper band held onto the $7.68 resistance, while the lower one drew closer to $7.14. With the rise in buying pressure over the last four hours, the RSI curve has seen index 34 stabilize at index 34.
Source: TradingView.com| Source: TradingView.com Featured Image from Coincu News. Chart from TradingView.com