Cryptocurrency faces rejection at $6.24 after a bearish strike

The latest Polkadot price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following for the last few hours, and the recent progress is also in favor of the bears. This is a worrisome sign for cryptocurrency, as the price has lowered to the $6.24 mark, which is already quite a low level considering the price during the past months; however, support is also present nearby at the $6.17 level, and the resistance level is at $6.24.The market capitalization of Polkadot is currently at $6.96 billion, and the 24-hour trading volume is $155 million.

DOT/USD 1-day price chart: Polkadot price finds resistance at $6.24

The 1-day Polkadot price analysis shows bears are trending for today and forming a red candlesticks. The bearish trend has again damaged the cryptocurrency’s value to a good extent as DOT is trading hands at $6.24 at the time of writing, and the crypto pair reports a loss of 0.21 percent over the last 24 hours and a loss of 2.01 percent over the past week. The moving average (MA) is trading at $6.33, just above the price level.

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DOT/USD 1-day price chart, Source: TradingView

The volatility is high, which is why the Bollinger band average is now at $6.25, whereas the upper Bollinger bands value is at $6.24, representing the resistance for DOT, and the lower Bollinger bands value is at the $6.17 position representing support for the coin price. The Relative Strength Index (RSI) is trading at a downwards slope at index 42.41 in the lower half of the neutral zone due to the price sinkage as selling activity continues in the market.

Polkadot price analysis 4-hour price chart: Latest developments

The 4-hour Polkadot price analysis confirms the above-mentioned analysis as the price breakout was upwards, but bears have brought the price back downwards during the last four hours, and there are chances for more decline in price in the coming hours if the selling pressure extends. But a reversal in trend is also possible.

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DOT/USD 4-hour price chart, Source: TradingView

The volatility for DOT/USD on the 4-hour chart is increasing today, with the upper band reaching $6.20, and the lower band has traveled down to $6.18, whereas the moving average indicator is present at $6.20. The RSI shows a downward turn here as the selling pressure is still there.

Polkadot price analysis conclusion

To conclude, the Polkadot price analysis reveals the cryptocurrency follows a strong downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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