- Polkadot price analysis shows DOT/USD is trading bullish today
- There is considerable improvement in price action and volatility
- Next target for Polkadot is to hit $14 where tables may turn
- MACD and RSI shows good potential for further growth due to increasing bullish momentum
- Day traders can explore good chances for short-term profits
Just like yesterday, Polkadot price analysis shows continuous recovery. The bulls have seemingly overcome the resistance overnight. From here, the price of Polkadot is further expected to improve. Although Polkadot failed to reach the $16 mark today, there has still been considerable improvement.
Today, the market seems quite volatile and indecisive. While the two main contenders, Ethereum and Bitcoin have undergone a 0.44 percent and 2.75 percent increase, respectively, altcoin markets such as ADA, DOGE, and BNB have undergone losses.
Although Polkadot is trading with positive sentiments today, the market has increased by over 3.9 percent today.
Our one-day graph also shows that the DOT/USD market today is bullish. The RSI is increasing steeply and has reached 43. With that, the MACD also shows the histogram above one today. Although, the value is not high but still, it is a positive development, nonetheless.
These indicators suggest that the bulls are giving the resistance a tough competition today as per Polkadot price analysis. As a result of this, further improvement can be expected overnight, with the next target set at $14 for now.
DOT/USD Price Movement in the last 24 hours
Today, DOT/USD is trading between $12.1 and $13.2, as of now. Though, the bullish sentiment could push the price higher in the next few hours. In specific, the last 4 hours have resulted in a considerable recovery, taking the price from $12.6 to $13.2 in a consistently bullish fashion.
The RSI on the one-hour graph currently hits 70.78, which indicates a highly undersold market. According to Polkadot price analysis, the tables can turn at any moment, resulting in a steep fall. Though, the bulls have been gaining high momentum over the last 4 hours, as shown in the MACD analysis.
Currently, the DOT/USD market cap is set at 11.741 billion with a 3.83 percent increase in the trading volume over the last 24 hours. This leaves DOT/USD on the 9th rank today in terms of market cap.
4-hour Polkadot price analysis chart – Gearing up to hit the $14 target next?
This chart also reveals a rapidly growing market. RSI levels are currently touching 64.9 and the slope is increasing rapidly. Along with that, MACD 4-hour analysis also shows that the histograms are predominantly green, currently on the 0.24 level.
All of this is a good indication that Polkadot is gearing up to recover a little more over the next few hours. Apparently, after the recent dip pf 19th and 20th of July, day-traders have decided to hold on to their stock leading the market undersold.
However, as soon as the price reaches the past support of $14, tables may turn. In that sense, this recovery is going to be short-lived in the longer picture.
Polkadot price analysis conclusion
Today, the Polkadot price analysis seems quite positive, with the market showing good potential for further growth. For now, the next target for DOT/USD is to reach $14.
However, day-traders should not forget that the market is still highly volatile. Hence, at any given moment, the bulls can get exhausted, resulting in the resistance taking over.