Polkadot News

Polkadot Price Analysis: DOT bulls remain strong around $43

TL;DR Breakdown

  • Polkadot price analysis shows mixed market sentiment.
  • Resistance is found at $45
  • Support for DOT/USD is present at $40.

The Polkadot price analysis indicates that the DOT/USD pair is in a stable position at $43.7 as of now. The value movement is small today, with varied market sentiment. Despite this, the last candle continues to blink green or sometimes red, implying that the price varies around its present level.

On October 13th, a significant price increase was observed, which sent the DOT price from $35 to $41.6 before being rejected on the following day as selling pressure arrived in. The spike helped the coin swing high enough to set a four-month high, and yet the cost is still above $40.

DOT/USD 24-hour chart: Tug fight between the bulls and the bears

Polkadot’s 1-day price chart indicates that bulls are attempting to maintain the price above $40, but bears are making it difficult for them by selling pressure is quite strong, frequently overpowering the bullish efforts.

At press time, the price of the $Dot/USD pair is $40.7, having dropped 3.8 percent in the previous 24 hours as bears have been pressing down on it for a few hours, but the coin has advanced more than 19 percent over the last week.

The trading volume has plummeted by more than 47%, leaving it with a market share of 1.6 percent for the eighth-place cryptocurrency.

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

On October 12, the price volatility began to rise, and it has increased dramatically since then as the Bollinger bands have shown large divergence, with the upper band at $41.5 marking resistance for the price and the lower band at $24.4 representing support.

The price is making another attempt at $41 after the RSI turned around and moved straight ahead. The competition between buyers and sellers to control the price function, which dangles on both sides at the moment of writing, is reflected by the RSI.

Polkadot price analysis conclusion

The price of Polkadot, like the 4-hour chart for Polkadot price analysis, is indicating the same market behavior as can be observed by looking at the price during the first four hours of this session, when it rose followed by a fall in the following hours. Despite this high volatility on the 4-hour chart, however, the 8-hour chart shows a more stable price behavior in the four days that followed the price spike.

The Bollinger bands reveal a trend reversal, with the upper band at $44.9 and the lower band at $31, resulting in an average of $37.9, which serves as a support level for DOT/USD. The RSI is presently in the neutral zone, near 64 percent oversold levels.

Finally, most of the technical indications suggest that DOT/USD assets should be purchased, with 14 indicators showing buying indications and four indicators showing selling signals out of a total of 26 indicators.

Polkadot price analysis conclusion

The Polkadot price analysis predicts that the price will move in any direction depending on the activity on either side, but DOT/USD is more likely to correct some further as it approaches its previous low. If the resistance holds, traders can anticipate DOT to float above $40 for the next several hours, but if support falters, DOT/USD might drop to $36 or lower.

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 16, 2021 11:50 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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