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Polkadot price analysis: Bulls continue to lead as DOT stables at $42

Polkadot price analysis Bulls continue to lead as DOT stables at

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • Resistance is found at $43.2.
  • Support for DOT/USD is present at $41.7.

The Polkadot price analysis is on the bullish side as the price is still recovering further after yesterday’s recovery. Over the last week, DOT/USD made good progress, as bulls maintained the upward price trend. On 13th October, DOT made a higher jump and marked a five-month high, followed by another high on 15th October at $43.2, but bears intervened and brought the price down on 16th October. From yesterday bulls are again in the lead and continue to recover the price. The next resistance for DOT bulls is present at $43.2. In contrast, the support is present at the $41.7 mark.

DOT/USD 1-day price chart: Bulls leading the price function

The 1-day price chart for Polkadot price analysis shows the price is moving towards the next resistance level at $43.2. Currently, the DOT/USD pair is trading hands at $42.5 at the time of writing. The DOT/USD has gained a value of 0.51 percent over the last 24 hours. As the price movement is slow from yesterday, the recovery is on the upper side but at a low pace. However, if observed over the past week, the DOT/USD reports a sizeable gain in the value of more than 21 percent. Trading volume is also up by 3.3 percent, and the market cap has also increased by 0.46 percent, resulting in a market dominance of 1.69 percent.

Polkadot price analysis: Bulls continue to lead as DOT stables at $42 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for DOT/USD, with the upper Bollinger band at $44.9 and the lower band at $25.6, making an average at the $35.3 mark. The moving average (MA) is found at the $39.5 mark below the price level.

The relative strength index (RSI) is trading at index 66 near the overbought region. The upwards slope of RSI indicates the buying activity in the market. However, RSI is still in the neutral zone.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows bulls are making a good recovery as green candlesticks appear on the price charts. The price function is continuously in the upwards direction, and still, no bearish hindrance has been observed.

Polkadot price analysis: Bulls continue to lead as DOT stables at $42 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is mild on the 4-hour chart as the Bollinger band converged sharply on 16th October, and there on has formed a narrow channel as the price fluctuation is less from yesterday. The upper band is at $44.2, and the lower band is present at the $39.8 mark. The average of the Bollinger bands represents support for DOT/USD at the $42 mark. The RSI is in the neutral region at index 59.

The technical indicators are mostly on the buying side as 15 technical indicators suggest buying DOT assets, and only two technical indicators indicate selling signals. However, nine technical indicators are standing neutral out of a total of 26 technical indicators available.

Polkadot price analysis conclusion

The Polkadot price analysis shows the price movement is slow but recovering well, and it seems like the recovery will continue for the coming hours. As the technical indications for short-term and mid-term are supporting the bullish trend and the momentum is for upwards price function, so traders can expect a further rise in price for the coming hours. If the support from investors continues, the DOT might break above the resistance of $43.2.

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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