Bullish Momentum Short Lived as DOT Prices Shoot Down by 0.59%
Polkadot's price analysis of daily price chart shows that digital currency has increased significantly in recent hours, but has continued to decline since then. At the time of writing, the value of DOT was $6.19, and the relative dollar fell 0.59%. The driving force for the rise is short-lived.
The valuation of DOT was USD 6992651071, an increase of 0.85% over the previous day, and the trading volume was USD 151949673, a decrease of 18.67%.
According to the performance indicators in the one hour, four hour and daily data charts, the duopoly has already controlled the market, all of which are biased towards growth.
After a substantial increase, the market has been stable, and the scope of business at this stage is relatively limited. Therefore, the Bollinger line indicators have soared. However, according to the 4-hour price chart, the market seems to be moving towards low prices. Low zone azimuth movement indicates bear market momentum. At 6.52 and 6.07 respectively, the left and right frequency bands touch. This level is the most direct supporting friction resistance of the price.
The dark blue MACD cable has turned over the lower side of the power cable and is moving towards the negative area at this stage, with a value of -0.05. As of the time of writing this article, it shows that there is pressure on the market to sell at this stage, indicating that there will be a bear market development trend in the near future. In addition, the bar chart is located in a negative area, indicating that the downward trend has accelerated recently. The relative overall strength index (RSI) has recently reached 34.96, and its gradient direction is particularly large, close to the edge of the oversold limit. 30 This shows that the digital currency still has the development trend of maintaining indoor space, so as to buy and sell energy in a balanced way. This shows the stability of the market. However, the price theme activities in the core region may change in any way.
When the short-term moving average system is smaller than the long-term moving average system, it is prone to bear market crossing, which proves the downward trend, as shown in the figure for DOT prices. MA reached 6.30 in 20 days and 6.35 in 50 days, showing a downward trend compared with MA in 50 days. Any RSI shows a downward trend, reading 29.22, and moves towards the 20 oversold area.
In a word, both sides must raise the price in order to reduce the failure of the safe channel and distort the current development trend.
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