Polkadot News

Polkadot price analysis: DOT stable at $40, expected to move higher

TL;DR Breakdown

  • Polkadot price analysis shows mixed market sentiment.
  • Resistance is found at $41.6.
  • Support for DOT/USD is present at $35.

The Polkadot price analysis shows DOT/USD is in a stable position at the current price level of $40.7. The crypto pair is receiving mixed market sentiment today as the price movement is minimal. The last candlestick continuously blinks as green or sometimes red, indicating the price oscillation around the current level. On 13th October, a steep spike in price was observed, which took the DOT price from $35 to $ 41.6, from where the DOT/USD got rejected the next day as selling pressure came in. However, the spike helped the coin to swing as high as recording a four-month high, and still, the price is on the higher side above $40.

DOT/USD 1-day price chart: Bulls and bears fighting for market dominance

The 1-day price chart for Polkadot price analysis shows bulls are trying to maintain the price above $40, but bears are giving them a tough time as selling pressure is quite high, often overruling the bullish efforts. Dot/USD pair is trading hands at $40.7 at the time of writing but has lost a value of 3.8 percent over the last 24 hours, as bears have been degrading the price for the last few hours, but the coin has gained more than 19 percent value over the past week. The trading volume is down by more than 47 percent, resulting in the market dominance of 1.6 percent for the 8th ranked cryptocurrency.

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

The volatility started increasing on 12 October and has increased significantly since then as the Bollinger bands now show steep divergence, with the upper band at the $41.5 mark representing the resistance for the price and the lower band at the $24.4 mark.

The relative strength index (RSI) has taken a turn and is moving on a straight line after the price hit $41. The RSI indicates competition between the buyers and sellers to dominate the price function, which is dangling between both sides at the time of writing.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis is also indicating the same market behavior as can be seen the price went up during the first 4 hours of today’s session but then decreased in the preceding hours, but the price fluctuation is comparatively small despite the high volatility on the 4-hour chart.

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

The Bollinger bands show an upwards breakout with the upper band at the $44.9 mark and the lower band at the $31 mark, making an average at the $37.9 mark, which now represents the support for DOT/USD. The RSI is at index 64 near the overbought limit but in the neutral zone.

Overall most of the technical indications are in favor of buying DOT/USD assets as 14 technical indicators show buying signs, and only four technical indicators show selling signs, whereas eight technical indicators stand neutral out of a total of 26 technical indicators.

Polkadot price analysis conclusion

The Polkadot price analysis suggests the price can go in any direction depending on the increase in either side’s activity, but chances are for DOT/USD to correct some more as the price is on the decline from yesterday. If the support remains persistent, traders can expect the DOT to float above $40 for the coming hours, but if support falters, DOT/USD will retrace to the $36 range. however, the price can be expected to go towards new discoveries in the coming days.

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 15, 2021 10:37 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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