- Polkadot price is expected to rise to $26
- the closest support level lies at $24
- Polkadot faces resistance at the $25 mark
Polkadot price has broken above the $22 mark and strong bullish momentum has carried the price to challenge the $25 mark. DOT records an over 17 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major players include Cardano, and BNB that record a 2.90 and a 1.42 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 1.36 and a 3.92 percent hike.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the indicator has steadily climbed back up to the 0.006 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little above the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past four days. At press time the RSI has had a small spike towards the overbought region suggesting an increasing bullish presence at the current price level.
The Bollinger bands at press time are narrow however as the last candlestick is green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Polkadot price to increase in the short term. Moreover, as the price is consolidating closer above the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 11 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only six indicators issue sell signals suggesting a bearish retracement. Meanwhile, 9 indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 9 of the 26 indicators suggesting a bullish movement against only seven indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
What to expect from Polkadot price?
Traders should expect Polkadot price to break upwards to the $26 from $24 as the short term indicators point towards a small bullish rally.Furthermore ,later on in the future the bullish momentum will slow down as the 24 hour indicator suggests an increasing bearish presence and so giving a heavy sell signal.
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