- Polkadot price rose almost 13 percent on the intra-day trade
- Trading volume upped more than 21 percent
- Price nearing 20,50 and 100-day EMA in current recovery
Polkadot price analysis for the day shows significant recoveries made by the token, with price rising more than 12 percent. Price reached as high as $37.03 over the past 24 hours, with trading volume also rising more than 21 percent. The uptrend came after a price dropped as low as $33.67 on November 26, recording a monthly low. Price now sits well within range of the resistance point at $40, and buyers will now be looking to push price past the crucial 20,50 and 100-day Exponential Moving Averages (EMAs).
The larger cryptocurrency market showed significant recoveries today, after an extended period on the sidelines over the last week. Bitcoin rose over 6 percent to cross the $58,000 mark, with Ethereum upped 7 percent. Altcoins also made up ground, with Solana rising more than 10 percent at $208.12, and Cardano around 8 percent to rise above $1.60. The biggest increment was made by Dogecoin, with the meme cryptocurrency rising more than 13 percent, sitting at $0.217.
DOT/USD 24-hour chart: Price targeting crucial EMAs with increasing RSI
On the 24-hour chart for Polkadot price analysis, price can be seen rising up to the crucial 20, 50 and 100-day EMAs. The 24-hour Relative Strength Index (RSI) is gradually increasing at the current value of 39.19, indicating that the token is gathering value in the market. The Moving Average Convergence (MACD) curve also indicates that DOT maybe set for an elongated bullish run. The curve sits well below its neutral zone currently, but shows a buying signal.
DOT/USD 4-hour chart: Bullish signals dominate short-term trade
The short-term trade for Polkadot can be seen dominated by signs that signify the current uptrend. The 4-hour RSI sits at a high value of 51.88, suggesting strong valuation from the market. Price crossed the crucial moving averages at $35.67 during the day’s activity and price will be looking to approach the resistance at $40 during the coming trading sessions. The Bollinger bands’ indicator shows price sitting between the middle and upper curves, suggesting that price is set for a bullish spell.
Polkadot price analysis: Conclusion
Polkadot price is up 13 percent on the day’s trade, with trading volume also amping up. Majority technical indicators suggest that price is set to consolidate over the current uptrend. The larger cryptocurrency market has also formed recoveries on the day, which can be reflected in DOT price. Price will now be looking to hit the resistance point at $40, whereas any movement back below $32.5 could invalidate the bullish thesis.
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