Polkadot coin price appears to be turning bearish as the price action over the past 24 hours has seen the DOT price drop to $8.55.
This change came after a significant uptrend over the past three days, which saw the price of Polkadot rise to $8.82 from 7.70, registering an increase of 14%.
An Evening Star pattern can be seen appearing on the daily DOT chart, indicating the changing price direction. A daily close below the support at $7.5 could signal the end of Bullkadot’s bullish run and call for more selling in the market.
The RSI shows a decline in the market valuation after a 3-day rally
On the 24-hour candlestick chart, Polkadot price can be seen forming an evening star pattern, turning to the downside for the past 24 hours.
Polkadot price rose to $8.85 yesterday but faced another rejection at the $9.0 mark. A similar trend was observed at the end of July 2022, when the DOT price faced a rejection at $9.09.
The price is currently still above the 50-day exponential moving average (EMA), at $8.22. However, any movement below the $7.5 support level may lead to a further decline for Polkadot price.
24 hour chart
The 24-hour Relative Strength Index (RSI) is showing a bearish market assessment around the current trend around the 60 mark, which also shows price exhaustion in the overbought territory.
Trading volume also decreased by 12%, which indicates a stagnation in prices. Meanwhile, the Moving Average Convergence Divergence (MACD) curve continues to stay above the current neutral zone but is forming lower tops on the current trend.
Source: Cryptopolitan