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Polkadot price analysis: Dot eyes resistance of $32, will bulls push through?

Polkadot price analysis Dot eyes resistance of will bulls push through

TL;DR Breakdown

  • Polkadot price analysis is slightly bullish today.
  • Strong support is present at $27.7.
  • Resistance is found at $32.

The Polkadot price analysis for today is completely on the bullish side. Dot bulls gained the lead from the start of the day and have successfully taken the price level from $27 to $30. after three consecutive days of price degradation, today DOT moved up again and is trading hands at $35 at the time of writing.

Polkadot has still lost a value of over 3.5 percent over the last 24 hours but has gained overall a value of 20 percent over the past week. The overall market is bullish today, along with the market King Bitcoin rising today by 1.6 percent Ethereum and most of the top coins are all in bullish momentum.

DOT/USD 1-day price chart: Will DOT break above $32?

The 1-day Polkadot price analysis shows an increase in the price today. The DOT price was continuously on the decline due to the selling pressure from traders, but today bulls gained enough strength to move up again.

Polkadot price analysis: Dot eyes resistance of $32, will bulls push through? 1
DOT/USD 1-day price chart. Source: Trading view

The volatility is comparatively high but slowly decreasing as Bolling bands are narrowing down but at a slow pace, with the upper band at $38.7 and the lower band at $26.4. The average of Bollinger bands is $32.5. The moving average is at the $34 level, and the relative strength index (RSI) is at 59 but going up.

Polkadot price analysis: DOT to pursue the upward trend

The 4-hour Polkadot price analysis shows that bulls have made quite a comeback today, and the price is rising as DOT bulls are securing green candlestick on the charts. Dot is recovering swiftly from yesterday’s decline as bulls are gearing up to take the bar higher.

Polkadot price analysis: Dot eyes resistance of $32, will bulls push through? 2
DOTUSD 4-hours price chart. Source: tradingview

The volatility is moderate but slightly more than that of the past few hours. The Bollinger bands are showing the following readings; the upper band is at the $37.7 mark, and the lower band is at the $33 mark.

The average of Bollinger bands is at $35.4, just above the price level but on a downward curve, and if it travels below the price level, then it will be a bullish crossover. The moving average is at $34.6, just below the price level, which further solidifies the bullish momentum. The relative strength index (RSI) is at 51 index but on a steep upward trend.

The technical indicators for Polkadot price analysis are also favoring the buyers as all-important moving averages (MA) are towards the bullish side. The MA10, 20, and 30 are all indicating a buy signal. The exponential moving averages EMA10, 20, and 30 all also showing a buy sign.

The oscillators are mostly neutral, with the top one being RSI which is neutral at the time, but MACD is showing a sell signal which is due to the bearish progression of the last few days. The balance of power is slightly tilted towards the bulls, with a score of 0.7.

Polkadot price analysis: conclusion

The daily and hourly Polkadot price analysis shows DOT/USD will remain bullish for the next 24 hours as bulls are gaining strength and are recovering from the losses of previous days.

There are sufficient chances of price recovery as can be analyzed from the hourly RSI indicator movement, which shows a large area for a bullish move, and we can expect a further increase in price in the coming hours.

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.
Aamir Sheikh

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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