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Polkadot price analysis: DOT to test $24.00 resistance level

Polkadot price

TL;DR Breakdown

  • Polkadot price is expected to break past $23 to the $24.00 mark
  • The closest support level lies at the $22 mark
  • DOT faces resistance at the $23 mark

The Polkadot price found strong support at the $21.440 price level yesterday, which enabled the buyers to gather momentum to break past the $22.00 resistance level. While the bulls show clear market dominance, the price action still finds strong resistance at the $23.00 level which presents strong bearish pressure to DOT.

The broader cryptocurrency market observes a bullish market sentiment across the last 24-hours as most major assets record a positive price action across the period. Major players include Ripple‘s XRP and Dogecoin recording an 11.89 and a 7.21 percent incline respectively. 

Technical indicators for DOT/USDT: The Market remains bullish

Polkadot price analysis: DOT to test $24.00 resistance level 1
Technical indicators for DOT/USDT by Tradingview

Across the technical indicators, the MACD exhibited a bullish reversal yesterday as the price action found support at the $21.440 level. Since then, the indicator has remained green but shows low momentum from the buyers as the histogram’s size remains low. Among the two EMAs, the 12-EMA has again started to diverge from the 26-EMA showing an increasing buyer activity for the Polkadot price. The 26-EMA is trailing behind the 12-EMA as both EMAs continue rising steadily. 

The RSI is neutral at press time and trading just below the 70.00 level with a positive gradient. The indicator’s high position shows a strong bullish presence at the current price level while its positive gradient suggests high buyer activity at press time. The bulls have dominated the Polkadot price action for the last 20 days as the charts observed a rise from the $14.00 mark to the current $23.00 level. 

The Bollinger Bands are currently narrow but show expansion as the Polkadot price action attempts a breakthrough beyond the $23.00 mark. The Polkadot price faces resistance at the $24.00 mark but the recently crossed $22.00 mark, acts as a support level for the recent price movement. 

Overall, the 4-hour technical analysis issues a buy signal showing bullish dominance at the current price level. The analysis shows 14 of the 26 major technical indicators in support of an upwards movement for the Polkadot price. On the other hand, only one of the indicators issues a sell signal suggesting a lack of bearish presence at the current level. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals supporting either side of the market. 

The 24-hour technical analysis shares this sentiment, also issuing a buy signal showing a positive outlook for the Polkadot price action across the mid-term charts. The analysis shows 14 indicators suggesting further upwards movement for the Polkadot price action against only four indicators suggest a downward price movement. Meanwhile, eight indicators remain neutral at the time of writing. 

What to expect from the Polkadot price?

Polkadot price analysis: DOT to test $24.00 resistance level 2
4-hour price chart by Tradingview

Traders should expect Polkadot price to continue its upward movement as the bulls breach the $24.00 price by today evening. The short-term technical indicators and the mid-term technical analyses are also positive suggesting further bullish dominance over the Polkadot price action across the daily frames. 

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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