- Polkadot price analysis is showing signs of a retracement
- The closest support level lies at the $32 mark.
- DOT facing stiff resistance at $36.
Polkadot price analysis: General price overview
The Polkadot price analysis indicates DOT met strong rejection at the $36 mark after supporting 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 indicate high chances of an uninterrupted rally for the next few hours.
The Bollinger bands expanded in the early trading sessions, suggesting that Polkadot has greater volatility. The price of DOT/USD was closing toward the upper Bollinger band, implying a possible bull run.
The general cryptocurrency market is bullish, as the heat map suggests. The most prominent digital currency, BTC, has recorded a 3.97 percent surge, and the coin is trading slightly below $48K. At the same time, ETH is also bulish, it has also recorded more than 3 percent increment, and it is currently trading at $3.4K. Other altcoins are also bullish, with COVER being the hottest gainer of the day with more than a 70 percent price surge. DOT/USD is trading in a very promising trend, recording 4 percent price surge. At the time of writing, One DOT is worth $36.92.
Polkadot price movement in the last 24 hours: High volatility as DOT breaks past $35
The exponential moving averages are moving upwards which suggests the presence of strong buyers. Nonetheless, the 50-day EMA is almost closing in with the 26-day EMA which somewhat undertook a declining gradient as a result of heightening selling pressure above $36.
The 24-hour Polkadot price analysis shares this sentiment and shows 16 indicators in favor of the buyers 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.
4-hour price chart by Tradingview
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.
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.
Polkadot price analysis: Conclusion
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. If the RSI crosses below thirty the bear trend will be irreversible on the daily chart
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