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Polkadot price analysis: DOT to rise to $22 as bulls dominate the market

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TL;DR breakdown

  • Polkadot price is expected to rise to $22
  • The closest support level is at $20.50
  • Polkadot price is facing resistance at the $22

Polkadot price has broken finally above the $20 mark and strong bullish momentum has carried the price to challenge the $22 mark again. DOT price records an over 31 percent price hike across the last seven days showing strong 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 seven days with most major cryptocurrencies recording profits across the time frame. Major players include Ripple‘s XRP, and Litecoin that record a 7.61 and a 7.01 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 7.54 and a 12.33 percent hike.

Technical indicators for DOT/USDT

Polkadot price analysis: DOT to rise to $22 as bulls dominate the market 1
Technical indicators for DOT/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator saw a bullish reversal at 8 Am yesterday, since then bullish pressure is increasing steadily and the indicator is currently just above the 0.80 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA and continues diverging while both EMAs rise.

The RSI is currently trading in the overbought region issuing a strong buy signal as the indicator trades just above the 72.00 mark. The indicator has been trading in the overbought region starting today with the bullish momentum only increasing in recent hours giving an extremely high buy signal.

The Bollinger bands are currently wide and will expand further as the bulls take charge of the market momentum. The bands’ expansion suggests a further increase in volatility for the Polkadot price in the short term. Moreover, as the price is consolidating above the bands’ mean line much closer to the upper limit; the bands will be leaning upwards for the next few candlesticks

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine 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 14 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Polkadot price?

Polkadot price analysis: DOT to rise to $22 as bulls dominate the market 2
4 hour price chart by Trading view

Polkadot price at press time is facing resistance at $22 mark but the market is showing strong bullish sentiment .The short term technical indicators support the bulls heavily, while the midterm technical indicators also give a bullish indicator and show high potential for a sharp upward movement.As such traders should expect the price to break above the $22 mark resistance level soon . Traders can even expect an upward breakthrough where the Polkadot price might be able to challenge the $25 mark again if the current momentum continues.Moreover, if the bears take hold of the market the price will not go lower than the $20

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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