- Polkadot price analysis today claims that the price momentum will be bullish.
- The price of DOT is currently maintaining support at $25.4.
- Major resistance is present at $26.5 and then $28 price levels.
Polkadot has proven to be a brilliant investment as it was one of the best performing altcoins with great use cases. The coin has a huge community on Twitter as well, and it is considered to be a great investment.
For today, Bitcoin is set to retest the $50k levels. We can see that the Bitcoin price support at $48k is holding, and therefore, an upward retest of resistance at $50k will follow.
Polkadot price analysis for today is also bullish due to Bitcoin reclaiming the $48k support and Polkadot reclaiming the support at the $25 level. It was expected that the coin might fall below the $24 level to $23.
Instead, the price movement successfully captured the $25 support. It can be seen that the resistance is present at $26.5, and the one after it is at $28.
The top gainers in today’s market have been LUNA, Solana (SOL), Tezos (XTZ), and Cardano (ADA). These currencies have been performing exceptionally well as compared to the other cryptocurrencies in the market. It is expected that these currencies will continue to rise today and we might see them trying to break through their respective resistances.
Technical indicators bullish on 4-hour chart: Polkadot price analysis suggests upward movement
The chart below clearly shows that the price action is currently situated in the upward portion of the Billinger Bands, and a breakout from the upward end can be considered. While we saw a price breakout from the lower end on 24th August, we might see the opposite scenario in the coming days or even hours.
Considering the 50-day and 100-day Moving Averages on the 4-hour chart, the DOT/USDT pair was able to recapture these Averages on 27th August, as visible from the chart below. The price action is still situated above these two key Moving Averages on the 4-hour chart.
Here is another chart below consisting of the MACD indicator and the RSI levels. The RSI is another important indicator that currently reads a value of 50. This means that neither the bulls nor the bears have gained control of the market, but we have also seen the RSI rise steeply on 26th and 27th. We can see a further buying if Bitcoin is able to conquer the resistance at $50k.
Talking about the MACD indicator, the MACD line (blue) took over the signal line (orange) on 27th August as the histogram that had been red since 21st finally started flashing green.
When the MACD line is above the signal line, bullish growth is being experienced. In the chart below, although the MACD line is above the signal line, we can see that they are very close.
Polkadot price analysis: Conclusion
Concluding today’s Polkadot price analysis, we can notice how the price action has suddenly shited to slightly bullish momentum. Bitcoin has regained support at $48k, and we will see a retest of $50k. For a more detailed price analysis, check out our long-term Polkadot price analysis and prediction.
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