- Polkadot is expected to rise to $25
- The closest support level is at $23.5
- Polkadot price is facing resistance at the $25
Polkadot price has broken above the $21 mark and strong bullish momentum has carried the price to challenge the $25 mark. DOT records an over 20 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include UNI, and BNB that record a 2.39 and a 0.26 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 1.39 and a 1.33percent decrease
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 price is starting to climb back above the 0.27 mark. While the 26-EMA still trades above the 12-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 2 days. At press time the RSI has again 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 wide and as the last few candlesticks are 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 to the band mean line rather than the upper limit; the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three 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 13 of the 26 indicators suggesting a bullish movement against only four 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 is currently facing resistance at the $25 mark but the short term technical indicators and the midterm indicators support the bulls heavily. As such traders should expect the Polkadot price to break above $25 mark soon. Traders can expect an upward breakthrough above the $26 mark if the current momentum continues. Moreover, if the bears take hold of the market the price will not go lower than the $23 mark.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.