- Polkadot price analysis is showing signs of a retracement
- The closest support level lies at the $32 mark.
- DOT facing stiff resistance at $36
The Polkadot price analysis indicates DOT met strong rejection at the $36 mark after trying to support a rally overnight. As a result, the price rally paused briefly and prevented any significant upsides from that point. This situation pulled the altcoin to a lower support level at $32.50. The price is not fully recovered but the 24-hour candlesticks are indicating high chances of an uninterrupted rally for the next few hours.
The overall cryptocurrency market is trading with mixed signals over the last 24-hours as a few cryptocurrencies recorded gains while the majority of them posted losses. BTC and ETH both gained near-flat rates of 0.25 – 0.30 percent. Meanwhile, Solana, Ripple, and Cardano remain some of the biggest losers over the last 24 hours.
Polkadot price analysis: High volatility as DOT breaks past $35
On our Polkadot price analysis technical indicators, the MACD is positive as shown by the daily histogram. The indicator marked a bullish crossover on September 9 and has remained positive ever since. However, the coin has witnessed a drop in bullish momentum in the last 20-hours as the bulls struggle to breach the $36 resistance and continue towards the next target at $39.
The exponential moving averages are moving upwards which suggests the presence of strong buyers. Nonetheless, the 26-day EMA is almost closing in with the 12-day EMA which somewhat undertook a declining gradient as a result of heightening selling pressure above $36.
At the time of writing, the Relative Strength Index is neutral but oscillating close to the edges of the oversold territory near the 39.00 index units.
The Bollinger Bands are currently wide as the price volatility has only increased in recent hours with DOT moving between the $33 and the $36 marks. However, the bands are contracting on the hourly chart as a sign of reducing volatility.
Technical analysis for DOT/USDT
Overall, the 4-hour Polkadot price analysis issues a strong buy signal with 17 of the 26 major technical indicators suggesting an upwards movement across the timeframe. On the other hand, only one indicator is issuing a sell signal suggesting a low bearish presence at the current price level. At the same time, 10 of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Polkadot price analysis shares this sentiment and shows 16 indicators in favor of the bulls against three indicators supporting the bears. The analysis exhibits a positive sentiment suggesting upwards movement for DOT. Meanwhile, the remaining eight indicators sit on the fence and do not support either side of the market.
What to expect from the Polkadot price analysis?
The Polkadot price analysis suggests high volatility for DOT in the short term. The mid-term technical analyses are strongly bullish while the short-term indicators show exhaustion. As such, traders should expect high volatility in the short term with a potential drop to the $34.00 mark. However, the positive market sentiment would result in a swift recovery.
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.