Polkadot price analysis: DOT continues to consolidate around $52, set for further upside?

Polkadot price analysis DOT continues to consolidate around set for further upside

TL;DR Breakdown

  • Polkadot price analysis is giving bearish hints today.
  • Support is still standing at $51.
  • DOT price has receded to $52.8.

The Polkadot price analysis reveals that the coin is stuck under the $53 resistance. DOT/USD rallied recently to the all-time high but continues to retrace and consolidate under the ATH from the past five days. Even the recent runup of the master Bitcoin did not make any notable effect on DOT’s price function except the fact that DOT also remained on an upwards trend during the rally but was unable to break through to another ATH, even it shows retracement today again. If DOT/USD breaks above $53, we might see further highs as well in the last quarter of 2021.

DOT/USD 1-day price chart: Coin shows downwards tendency today

The 1-day Polkadot price analysis shows that the Crypto pair is again retracing today as the price has decreased from $53.4 to $52.8 at the time of writing. But due to yesterday and the day before’s advances, the DOT still reported a nominal increase of 0.15 in value over the last 24 hours and also an increase of 8.3 percent over the past week. However, the trading volume has gone down today along with the price; therefore, the market cap also suffered y 0.41 percent.

Polkadot price analysis: DOT continues to consolidate around $52, set for further upside? 1
DOT/USD 1-day price chart. Source: TradingView

The Bollinger bands are still on an upwards breakout as the price continues to trade above the mean average of the indicator. The upper band is at the $56 mark, and the lower band is at the $37 mark, indicating the technical resistance and the lowest support for the coin.

The moving average (MA) is trading near the price value at the $52.3 mark, just below the price level. If the price falls below the MA, this will mark another bearish indication, and then the price may fall below $50, canceling out any chances for a further move upwards.

The relative strength index (RSI) also shows a slight downwards movement as the price has undergone devaluation today, but still, the RSI is in a healthy state at index 66 near the oversold zone. However, it indicates the selling activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows that the price breakout was downwards today, and the price continued to fall for eight hours, but recently bulls have appeared to provide cushion to the coin’s price value as can be seen the last candlestick on the 4-hour chart is green, indicating bullish presence, as bulls might not allow any further degradation of price.

Polkadot price analysis: DOT continues to consolidate around $52, set for further upside? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is mild on the 4-hour chart as the Bollinger bands move ahead without any change and are maintaining their values at $54 for the upper band and $50 for the lower band. As the price propulsion is low after ATH, the Bollinger bands have also formed a tunnel shape and will only divert if the DOT swings high or low. The RSI on the 4-hour chart is very slowly recovering after coming down as the RSI curve line is trading at index 54 in the neutral zone and shows almost equal room for movement in either direction.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the crypto pair is stuck in a range of $52-$53 and hasn’t been able to break through for a few days. For further upside, the coin needs to break past the $53 mark so that the last quarter of 2021 may observe a more bullish impulse. On the other hand, if DOT falls below the $50 range, this may cancel out the bullish scenario completely. But as we know, everything depends on the market, and if Bitcoin continues higher, the altcoins will also follow the leader.

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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