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Polkadot price analysis: DOT struggles to move above $31, will the bulls rally continue?

Polkadot price analysis DOT struggles to move above will the bulls rally continue

TL;DR Breakdown

  • DOT gets mixed market sentiment according to Polkadot price analysis.
  • Support is present at $28.5 for DOT/USD.
  • Resistance is found at $33.3.

The Polkadot price analysis reveals market is showing mixed sentiment. The price movement is negligible today as DOT/USD price is fluctuating only to the extent of a few decimals up or down after reaching the $31 limit at the end of yesterday’s session. DOT/USD pair is struggling to get past the level of $31 towards the next resistance of $33, as the selling pressure exists at the current price level, but bulls are also not giving up, and the price is just oscillating between both the sides.

As the broader crypto market is observing, many coins are going through correction today after reporting fundamental gains yesterday, though still, most cryptocurrencies are in greens if accounted for the last 24 hours. A few cryptocurrencies, including Polkadot, are still struggling for more uprise, as buyers’ support is still there for them, which is a hopeful sign for the coming days’ price function.

DOT/USD 1-day price chart: Bulls yet not giving up

The 1-day price chart for Polkadot price analysis shows minimal price movement as both sides of the market are competing for price dominance. Due to this very reason, DOT/USD price has not stepped down like most cryptocurrencies. There exist ample chances of bulls gaining control over price function.

Polkadot price analysis: DOT struggles to move above $31, will the bulls rally continue? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for DOT/USD pair as the Bollinger bands show a little expansion, but not abrupt, with the upper band at the $38 mark and the lower band at the $24 mark. The mean average of the indicator is still below the price level at the $31 mark.

The relative strength index (RSI) is at 53 index, near the center of the neutral zone, and shows a perpendicular movement, which indicates fierce competition between both sides of the market.

The MACD oscillator indicator is still bearish, but it suggests a declining bearish momentum, as is evident from the light color of the histogram. The small size of bars also suggests that bulls are overpowering the bearish trend, and the histogram is expected to take a bullish crossover if bulls succeed in dominating today,s price function.

Polkadot price analysis: recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows the price breakup was downwards at the start of today’s session as bears continued their lead from the last hours of yesterday’s closing. Soon after, bulls took over and recovered the loss in price, which shows bulls are not allowing the price degradation as of now ad at this time, both parties are fighting for price control, for which there are ample chances of bulls winning over.

Polkadot price analysis: DOT struggles to move above $31, will the bulls rally continue? 2
DOT/USD 4-hours price chart. Source: TradingView

As can be seen in the 4-hours chart, the volatility is high as Bollinger bands started expanding excessively from 1st October and the indicator also shows an upwards breakout on the 4-hour chart, which is a further indication of the price expected to go up in the coming hours.

The moving average (MA) is present below the price level at the $31 mark; the MA10, MA20 and MA30, all suggest price to go up in the coming time. The exponential moving average EMA10, EMA20, and EMA30, also favor the bullish side of the market. The oscillators, on the other hand, are mostly neutral except the Momentum and MACD.

Polkadot price analysis: Conclusion

The Polkadot price analysis suggests a sluggish price movement, as there exists some selling pressure above the current price level, but efforts from the bullish side are also on the go. The RSI is quite high on the 4-hour charts, which shows buyers are still present in the market, and the expansion of Bollinger bands all suggests the DOT/USD price may move up in the coming hours, and we expect it to reach the level of $33. But the resistance of $33.3 can only be surpassed if DOT gathers enough support from traders.

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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