DOT price analysis at close of August 2022: over $7 despite Bear Market

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A mixed market sentiment could be a factor in Polkadot’s (DOT) rise, but the coin the coin value has still been uplifted to $7.05; however, bullish efforts are there, and the coin is trading on the greener side. As the price has been recovering since yesterday, it can be expected that the bulls may continue to progress for the rest of the day. On the other hand, if the bearish trend resumes, chances of further drop are to be expected in the future as well as it is quite clear that the bearish pressure is also present in the market.

DOT/USD 1-day price chart: Dominant trend yet to be defined

The 1-day Polkadot price analysis predicts an increasing trend for the coin today, as the price has slightly increased today, and the coin is trading hands at $7.05 at the time of writing. The dominant trend is not yet set for the crypto pair but the progress is towards the bullish side. The coin has gained 1.09 percent value during the last 24 hours as bulls are in the lead since yesterday. The trading volume has reduced by 39 percent and the market dominance has been 0.81 percent.

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

The moving average (MA) value for the one-day DOT/USD price chart is $7.32 after crossing below the SMA 50 curve on 20 August 2022. The volatility is increasing again as the Bollinger bands are expanding for the past few days, which indicates that future market trends might be supportive of the bullish side. The upper band is touching the $9.91 level representing the resistance, whereas the lower band has traveled down to $6.36 level representing the support. The Relative Strength Index (RSI) is also hovering at index 37 at an almost straight line as both sides of the market lack the momentum which is also evident from the lesser price movement of today.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis confirms the above-mentioned scenario, as the bulls managed to make a comeback today, but at the same time, selling pressure is also arising as the price has been seen correcting again in the past few hours. The bulls seem to be on the upper hand up till now but there is a clear chance for bears to continue their lead.. The cryptocurrency value is now $7.07, as the price has managed to float above its moving average value, i.e., $7.03 in the 4-hour chart.

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DOT/USD 4-hours price chart. Source: TradingView

The volatility is relatively high, which means that the future price movement might be bullish. If we move towards the Bollinger bands indicator, its upper band is resting at $7.79 while its lower band is present at $6.71. The Bollinger bands average has also came down to $7.25, whereas the RSI score has decreased to index 38 after the reinstatement of the selling activity.

Polkadot price analysis conclusion

The Polkadot price analysis shows mixed market sentiment. The price covered a slight upwards movement today, but the bearish pressure is also observed, which has hindered the price increment, and the DOT/USD price has been hovering near almost the same level. A red has been raised by the four-hour price chart, which means that the price went lower in the past few hours. We can expect that the cryptocurrency price can move in any direction from the current price level.

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