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Polkadot price analysis: Bullish momentum revives DOT value up to the $41.6 mark

Polkadot price analysis Bullish momentum revives DOT value up to mark

TL;DR Breakdown

  • Price has crossed $41.6 today.
  • Polkadot price analysis favor bulls.
  • Support for DOT is $38.41.

The Polkadot price analysis shows that the bulls have succeeded in making a comeback during the last 24-hours after a long bearish interval. A significant amount of recovery in DOT value has been observed as the price has increased up to $41.59 because of the latest upturn. The past few weeks proved extremely detrimental for the overall coin value, but now the situation is turning favorable for the buyers because of the increasing trend.

DOT/USD 1-day price chart: Cryptocurrency value bounces back to $41.6 after boost

The one-day Polkadot price analysis is showing signs of an upward trend as more buying activity has taken place in the last 24-hours. The buyers are putting in their efforts to maintain the bullish lead and the price has been uplifted to $41.59. Although the last two weeks proved quite damaging for the market value of DOT/USD, the past few days have brought positive consequences. The price is yet to cross the moving average (MA) value i.e. $43.31.

Polkadot price analysis: Bullish momentum revives DOT value up to the $41.6 mark 1
DOT/USD 1-day price chart. Source: TradingView

The increasing volatility is indicating that there is a chance of the cryptocurrency value going down due to bearish pressure. The Upper Bollinger band value has increased up to $56.91 whereas the Lower Bollinger band value has moved down to $38.41. The Relative Strength Index (RSI) score is now touching 43.76 after the latest uptrend in price.

Polkadot price analysis: Price regains balance at $41.6 after receiving a bullish push

The four hours Polkadot price analysis is confirming that the cryptocurrency has been following an uptrend for the past few hours. The bulls have been leading the market for a while, although a gradual drop in price was also observed in the earlier hours. But now the bulls are back on track as the price has been rescued up to the $41.6 mark. The moving average value in the four hours price chart has increased up to $40.79.

Polkadot price analysis: Bullish momentum revives DOT value up to the $41.6 mark 2
DOT/USD 4-hours price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 curves is highly expected in the next few hours as the bullish trend is getting stronger. The Bollinger Bands Indicator is now showing the following values; the upper Bollinger band value is $43.22 whereas the lower Bollinger band value is $38.45. The RSI score is entering the neutral zone now and has just crossed 49.

Polkadot price analysis: Bullish momentum revives DOT value up to the $41.6 mark 3
DOT/USD technical indicators chart. Source: TradingView

The market is observing a neutral trend as a constant fluctuation in price movements has been ongoing for the past couple of weeks. We can see 10 indicators standing on the selling mark, nine indicators are on the neutral mark while only seven indicators are on the buying mark.

The Moving Averages Indicator is supporting the sellers by giving out a bearish hint. A total of nine indicators are now occupying the selling position, while five indicators are on the buying and one indicator is on the neutral position. The Oscillators are indicating a neutral trend for the day as well as nine oscillators are on the neutral point, two oscillators are on the buying point and one oscillator is on the selling point.

Polkadot price analysis conclusion

The daily and hourly predictions for DOT/USD are supporting the buyers today as a bullish price movement is taking place. The price is on its way to recovery and has increased up to $41.59 because of the upward trend. If the bulls remain persistent, further improvement in the coin value is to follow in the approaching week.

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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