Polkadot price analysis: Bears make a powerful rebound as DOT falls to $6.50

The Polkadot price analysis reveals that the price has crashed lower today. Bears have made a strong comeback today; even though the trend remained bullish yesterday as well, a few hours of bearish activity changed the trend as a strong correction took place today. The coin got support at $6.34, and the price has slightly recovered to $6.50 at the moment. The bulls are currently attempting to make up for the defeat and have made some progress in doing so, but the damage done by the bears is far bigger.

DOT/USD 1-day price chart: After an aggressive correction, bulls come to the rescue

Following today’s sharp sell-off, the 1-day price chart for Polkadot price analysis reveals that the DOT/USD has recouped to $6.50 as of this writing, with the coin continuing to recover. Due to the correction that took place today, the DOT/USD continues to show a significant loss of 6.22 percent over the past 24 hours. However, the short-term trending line is going in an upward direction, and due to this, the coin has gained a value of 1.29 percent over the past week. The trading volume has increased by 19.44 percent, providing market dominance of 0.62 percent to DOT. As the price has plummeted down today, the market cap has decreased by 6.23 percent.

The Bollinger bands mean average is forming at $6.46, while the upper limit of the Bollinger band is at $6.92, which suggests resistance for DOT/USD, and the lower limit is at $6.01, which suggests support for the DOT price function. The volatility for the DOT/USD pair increases as the price moves toward the center line of the volatility indicator.

The moving average (MA), which is present at the $6.66 level, is above the price. The relative strength index (RSI) likewise consistently improves its levels. The RSI curve has once again shifted downward and is currently trading at index 51, which is close to the neutral zone’s center, indicating that today’s market saw selling activity.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis reveals the coin received a massive jolt today and the price crashed severely low to $6.39 for a moment. The coin’s price has since recovered slightly to $6.50, but the bearish pressure is still high on DOT/USD. The lower limit of the Bollinger bands, which is represented as support at $6.48, has given the price function some cushioning. The bullish efforts have also been noticeable, as has been seen during the last few hours.

The Bollinger bands have greatly expanded, and the price has risen over the volatility indicator’s lower bound, signaling an increase in volatility. The RSI also shows some improvement as it is rising after falling; at index 47 on the 4-hour chart, the upward-trending line of the RSI currently denotes purchasing activity.

Polkadot price analysis conclusion