Polkadot News

Polkadot price analysis: DOT meets resistance at $34, will DOT bulls push through?

TL;DR Breakdown

  • The most recent Polkadot price analysis shows a slight correction presently.
  • DOT/USD meets resistance at $34.45
  • DOT trend momentum is still on the bullish side.

The Polkadot price analysis is indicating a light correction after DOT meets resistance at the $34.45 mark. The number ninth crypto Polkadot has gained a value of 6.59 percent in the last 24 hours and around 37 percent in the previous week. This shows a significant margin for traders during the past few days as DOT proves to be a worthy investment.

Despite the bearish correction happening at the time, the overall trend for DOT is still bullish, and DOT/USD pair is trading at $34.36 at the time of writing.The upwards trend of Polkadot strickly resembles that of the Queen of cryptocurrencies, i.e., Ethereum, which is following the trend set by the king Bitcoin.

DOT/USD 1-day price chart: DOT holds above the support present at $32

The 1-day price chart for Polkadot price analysis shows the DOT/USD price went down due to a slight correction, which seems to be healthy, and the uptrend line has not reversed.

The DOT/USD pair traded between the $33.65-$34.45 range and is present at a high price point after May 2021, continuing towards a new high. The crypto gained 6.59 percent value over the past 24 hours.

DOT/USD 1-day price chart. Source: Trading view

The volatility is increasing as is seen, the Bollinger bands are widening, and the upper band is at a value of $35.6, and the lower band is at $21.67. The moving average is below the price level and is at the $31.44 mark, while Bollingers band average is at the $28.62 mark.

The relative strength index (RSI) score is 70.40 at the overbought limit but seems to be flattening and may go down.

DOT/USD 4-hours analysis: Bears trying to halt the upward trend

The 4-hours Polkadot price analysis shows present mild bearish activity has resulted in a slight price decrease. The price has dropped to $34.36 at the time of writing, but bulls seem aggressive enough and may reverse the price trend in the coming hours.

DOTUSD 4-hours price chart. Source: tradingview

The Moving average (MA), an important indicator for analysis, is at $33.46 in the 4-hours chart and is moving upwards. The Bollinger bands are slightly widening, showing acceptable volatility. The upper Bollinger band is at $34.63, and the lower band is at $31.83, whereas the Bollinger bands average is at $33.23 below the price. The relative strength index (RSI) is also lowering a bit and is 64.74 going towards the normal range, which may cushion bulls for the next possible push.

DOT/USD technical indicators chart. Source: Tradingview

The technical indicators chart for Polkadot price analysis is also showing bullish signals. Out of 26 indicators, 14 are giving a buy signal, and only 4 show a sell signal, whereas eight stand neutral. The moving averages also show a solid bullish trend as 13 indicators show a buy signal while only one shows a sell signal and one stands neutral.

Talking of oscillators, they are mostly neutral, this could be from the pressure created by the sellers recently with seven indicators at neutral, three at selling, and only one at buying spot.

Polkadot Price Analysis: Conclusion

Polkadot Price Analysis for today is mainly on the bullish side with a few signs of bearish activity. Still, coming hours seem to favor bulls again, and DOT is going for new highs as the overall trend suggests.

The resistance of $34.45 may get breached, which seems quite possible as there appears to be enough support from buyers, and the balance of power is entirely towards the bullish side. DOT seems to be gaining new heights today.

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.

This post was last modified on September 7, 2021 3:30 am

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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