https://ift.tt/3JDk0U9 price analysis: DOT drops to $29 range after price peaking at $30

TL;DR Breakdown

• Polkadot price analysis is bearish today.
• Resistance for DOT/USD is present at $30.4.
• Support for DOT/USD is present at $29.

The Polkadot price analysis is bearish for today as the cryptocurrency price is on the decreasing side after enjoying the bullish ride for the last three days. The coin gained significant value from 1st January to 3rd January, but the coin faced rejection at the $30 mark as the market turned bearish. However, the recent bullish wave helped the coin to recover well after 28th December’s severs loss.

DOT/USD 1-day price chart: DOT continues downside despite the market on recovery

The 1-day Polkadot price analysis shows the price is still decreasing despite the fact that the broader cryptocurrency market has started to recover after remaining bearish from the start of today’s trading session. The DOT/USD is trading hands at $29.8 at the time of writing. The crypto pair shows an increase in price value by 1.72 percent over the last 24 hours, and DOT also reports an increase in price value by 0.68 percent over the past week as the dominating trend was upwards during the past few days. The trading volume has also increased by 17.9 percent, and the market cap has also increased by 0.15 percent in the last 24 hours, resulting in market dominance of 1.32 percent.

The volatility is mild, but the upper limit of the Bollinger bands is diverging upwards, which may bring the opportunity for the price function to move up as well. The upper value of the indicator is now present at the $31.8 mark representing resistance for DOT, and the lower value is at the $23.4 mark representing the strongest support for the DOT/USD. The Relative Strength Index (RSI) curve was flattening out from the last two days and now is very slightly downwards as the selling pressure is there, but the bullish side is also providing support. The score of the indicator is 51 at the moment.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows the price function remained downwards most of the time today, along with some bullish efforts also observed. However, the decrease in price is not overwhelming as the price is mostly oscillating in the $29 range from the last 24 hours.

The volatility is still high but is on the decreasing side on the 4-hour chart, as the Bollinger bands are converging, the upper band is at the $31 mark representing resistance for DOT, and the lower band has reached upwards to the $27 mark representing support, with their mean average at $29.1.

The moving average (MA) is present just below the price level at the $29.85 mark. The RSI curve on the 4-hour chart is now sinking slowly after maintaining its level, which is due to pressure building up from the bearish side. The RSI is present in the upper half of the neutral region, trading at index 57.

Polkadot price analysis conclusion

The Polkadot price analysis is bearish today, as the coin is retracing below $30 after gaining significant value over the past couple of days. We expect DOT to remain bearish for the next 24 hours, but the coin seems to be maintaining its price above $29.

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