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Polkadot Price Analysis: DOT prepares to overcome $16 price hurdle

Polkadot

TL;DR Breakdown

  • The general cryptocurrency market has been trading within positive signals
  •  DOT, SOL, and ADA have gained 1.75, 12.67, and 1.20 percent
  • At the time of writing, Polkadot is trading at $15.311

Polkadot Price Analysis: General price analysis

Since Wednesday, the general cryptocurrency market has been trading within positive signals after Bitcoin rose by 7 percent to the $40K level. 

The majority of the altcoins, including ETH, LINK, BCH, PERP, and XLM, are all trading in the green region and have gained more than 4 percent in the last 24 hours. Some worst performing coins on the daily chart include ALICE, which has shed over 7 percent, CLV has lost 50 percent, and Luna corrected downwards by 5 percent. 

Emerging scalability blockchain coins DOT, SOL, and ADA, have gained 1.75, 12.67, and 1.20 percent on the 24-hour chart. 

Polkadot price analysis is on a bullish uptrend after overcoming a price hurdle at $14 and moving into the $15 mark. There is intense seller pressure at $16, which has prevented the coin from testing the 50 and 100-day moving averages. 

On the downside, bears are staging a strong pullback to have the price reverse and retest lower support near $13.5. 

Polkadot price movement in the last 24 hours: Low volatility between $14 – $15 range

Swing and day traders anticipate low price movements over the next sessions, given the mild volatility across the daily chart. Despite having gained a small chunk in price correction, the slight gains are nothing to evidence a bullish outlook. 

However, they are enough to support what could be an upward rally in the short/medium term. 

We are already into the weekend, which further supports an increase in trading activity and higher chances of a strong breakout. 

Polkadot price analysis
Source: TradingView

The Relative Strength Index lies at 47 within the indecision zone and pointing towards the oversold region.  For most of today’s daily chart, the RSI has been lying within the neutral region. 

Finally, the bulls are attempting to overturn the downsloping moving averages and push the price into the demand zone. With these, we can easily guarantee the possibility of displacing the losses and supporting a price improvement in upcoming sessions. 

Polkadot price movement on the 4-hour chart 

The Polkadot price analysis on the 4-hour chart indicates a highly choppy market trading sideways between $15.00 – $15.30. Bulls are struggling to overcome higher seller pressure within this region who are looking to break -even from Monday’s lows. 

Nonetheless, the present price is an improvement from last week’s bottom correction that saw DOT touch $9. 

At the time of writing, Polkadot is trading at $15.311. The daily high stands at $15.70, and the daily low sits at $14.99. 

Polkadot price analysis: Conclusion

As you anticipate more short/medium term gains on the Polkadot price analysis, take time to check out our long-form Polkadot price prediction and learn the visions of the project. 

Polkadot was set out to bridge decentralization with scalability by implementing multiple chains in one ecosystem. 

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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