Polkadot News

Polkadot price analysis: Bullish impulse helps preserve the price above $33

TL;DR Breakdown

  • Bulls have enhanced the coin value to $34.
  • Polkadot price analysis is giving hope to the buyers.
  • Support has been strictly hanging at $25.72.

The price has been advancing quite rapidly according to the daily and hourly price charts as per Polkadot price analysis. The bullish momentum has been strong enough to take DOT price to the $33.97 level during the day. The bullish trend is to extend in the future as well as the hourly price chart has been indicating a rise in price as well. The chances are increasing for the buyers to move ahead and invest their money at the right time.

DOT/USD 1-day price chart: DOT price backtracks to $33.97 after subtle drop

The bulls have found their way to recovery once again as the one-day Polkadot price analysis is confirming. The bullish momentum is on the rise, as a result, the price levels have heightened up to the $34 mark. The past week had also been extremely profitable for the cryptocurrency, as the upward trend was quite consistent. If we talk about the moving average indicator (MA), then its value has improved up to $32.46 as well.

DOT/USD 1-day price chart. Source: TradingView

As a crossover between SMA 20 and SMA 50 curves happened last week, we can expect further enhancement in price as well. Right now, the Bollinger band values are at the following levels; the upper value is at $35.42 whereas the lower value can be seen standing at $26. The Relative Strength Index (RSI) score has improved up to a certain degree as well as it is now at 58.

Polkadot price analysis: Bulls struggle to maintain their upswing after recent break down

The four hours Polkadot price analysis is showing signs of recovery as the price has returned back to the $34 level. This is a positive signal for the buyers and encouraging for them as a persistent drop was occurring during the previous hours. The bullish momentum has been stabilized once again and the former position of the price can be restored now. Also, the moving average value for the 4-hours price chart is going $33.72 at present.

DOT/USD 4-hours price chart. Source: TradingView

The volatility has been increasing as the Bollinger bands are covering more area now. The upper and lower values of the Bollinger bands have undergone change as well as now the upper band is at $35.8 while the lower one is at $30.1. The RSI score is now touching 58.4 which is confirming the increase in buying rate.

DOT/USD technical indicators chart. Source: TradingView

The overall progress of the DOT price has been quite promising as the technical indicators chart is suggesting. There are more indicators on the buying position i.e.14, while 10 indicators are on the neutral position and two indicators are on the selling position.

The moving averages indicator is almost indicating the same, as it is giving out a strong bullish signal for the day. We can see 13 indicators occupying the buying position, while the neutral and selling positions are holding one indicator each. The Oscillators, on the other side, are predicting a neutral trend as there are nine indicators on the neutral level, with one indicator each on the selling and buying levels.

Polkadot price analysis conclusion

The Polkadot price analysis suggests, as the trends have been on the bullish side today, we can declare that cryptocurrency is in a favorable light. The DOT/USD price has advanced up to the $33.97 level today after crossing through the bearish obstacle. Further rise in price is to follow in the coming hours, as the 4-hours price chart is dictating a bullish trend as well.

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 October 9, 2021 9:47 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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