Polkadot price analysis: Depreciation of $DOT occurs following a bearish reversal to $6.61

TL;DR Breakdown

• Price is going down, as the Polkadot price analysis shows.
• DOT/USD value has been deflated to $6.61.
• The support level is reserved at the $6.25 stand.

DOT/USD 1-day price chart: Coin moves downhill as a result of a recent shock

Additionally, today’s observation of a crossover between SMA 20 and SMA 50 indicates that recovery may once again be possible. Additionally, the Bollinger bands Indicator sets the upper and lower readings for the day at $6.79 and $5.33, respectively, representing the resistance and support levels for the coin’s price function. Additionally, the Relative Strength Index (RSI) value decreased to $57.

Polkadot price analysis: Recent developments and further technical indications

Given that the price has steadily declined over the last few hours, the Polkadot price analysis for the past four hours predicts a bearish pattern. Given that the price was rising early in the day, the downward trend was quite unexpected. Due to the market’s increasing selling pressure, the coin’s price has fallen back to the $6.61 level. The price is higher than the $6.50 moving average mark. As the bearish momentum continues to grow, a further drop in price can be anticipated.

The Bollinger bands average has positioned itself at $6.26 as the volatility has risen. Additionally, the upper and lower values of the Bollinger bands have altered; the upper band is now $6.78, and the lower band is $5.74. The RSI score has achieved a number of 64, which falls within the upper neutral range, and the RSI curve is also descending.

Polkadot price analysis conclusion

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