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This is the fifth day in a row in which Polkadot’s price evaluation shows that the bears are still in the driving seat. DOT’s price has decreased to $16.6 due to the continued unrest in the region. As of July 2021,  DOT has re-examined this decreased price range.

The value of this currency has plummeted precipitously over the previous several days due to a sharp drop in price followed by a downward trend. There is a $16 price tag for DOT’s most powerful supporter.

DOT/USD Trading Volume Drops 10%

Price analysis by Polkadot displays a red candlestick, suggesting continuous selling and pointing to an ongoing negative trend. To preserve their advantage bears rely on a significant volume of selling. The price has dropped to $16.6, a decrease of 3.8 percent.

This week’s trend was the exact opposite of the previous week’s, favoring those in the market who were eager to acquire. The number of transactions has reduced by 10.23 percent due to the price reduction.

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The DOT/USD 1 day chart

Bollinger bands are retaining their distance, although the price is going towards the bottom limit of the bands. The Bollinger band has a value of $20 at the top and $15,4 at the bottom, respectively. Since the Relative Strength Index (RSI) touched 39, the price has steadily declined.

Polkadot Price Trends And Patterns in Charts

Polkadot’s value seemed to have plunged significantly as the bulls grabbed control at the start of the trading day. After being under intense selling pressure for four hours, the currency has now formed a green candlestick, encouraging news for the currency’s bulls. Support for the coin has just recently been given.

4-hour DOT/USD chart

It is possible to locate support and resistance areas for the DOT/USD currency pair by using the DOT/USD stability indicator. It is conceivable to have a volatility indicator value of $19.4 and a stability indicator reading of $16.2. However, the SMA 20 curve is below the SMA 50 curve, suggesting a bearish trend, even though the moving average value is $17.1 above the four-hour price chart. The RSI rose to a value of 33 at the start of the session due to increased purchasing.

The Polkadot Price Analysis

Polkadot’s appraisal of the price chart has not changed, which indicates that the negative pressure is still in place. Despite the little gains made by bulls, it looked that bears could recapture the market in the next several hours. As long as $16 holds, the DOT/USD is projected to climb; however, if the $16 barrier has been crossed, it is expected to fall back to the $15 level for today only.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.