Polkadot price analysis: DOT rallies towards $32 as bullish momentum reignites

Polkadot price analysis DOT rallies towards as bullish momentum reignites

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • Resistance for DOT/USD is present at $33.7.
  • Support for DOT/USD is present at $31.3.

The Polkadot price analysis is bullish for today as bullish momentum continues for the third day consecutively. The coin has been recovering well since 21st December and has gained significant value during the last couple of days. The bullish momentum has returned, and the market has shown quite a positive sentiment towards DOT/USD pair as the price has heightened to the $32 range now.

DOT/USD 1-day price chart: Dot steadily recovers above $32

The 1-day Polkadot price analysis shows DOT is continuing its bullish run, as the cryptocurrency is trading hands at $32.4 at the time of writing. The crypto pair reports an increase in value by 7.6 percent over the last 24 hours, and the cryptocurrency also reports an increase in price value by a little more than 38 percent over the past week, which was made possible by a continuous bullish streak. The market cap also increased by 7.86 percent overnight, and the trading volume surged by 68 percent for the same time period, resulting in a market dominance of 1.32 percent.

Polkadot price analysis: DOT rallies towards $32 as bullish momentum reignites 1
DOT/USD 1-day price chart. Source: TradingView

The volatility for DOT/USD pair is high, and as the Bollinger bands are further diverging so the volatility will also increase in the coming days. The upper band reached the $31.7 mark, the price is trading above the upper band, so it represents support for DOT, and the lower band has reached the $22.9 mark. The mean average of the indicator is present at the $27.3 mark. The Relative strength index (RSI) is trading at a steep upwards curve at index 56, indicating the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the coin faced some resistance after the breaking upwards, as the price function was held from further upside around the $31.4 range for eight hours. However, bulls managed to make a breakthrough, and the coin rallied high during the next four hours towards the $32 range, and the upside still continues.

Polkadot price analysis: DOT rallies towards $32 as bullish momentum reignites 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is high for DOT on the 4-hour chart, as the Bollinger bands are expanding. The upper band is at the $32.6 mark, representing resistance for the coin, and the lower band is at the $26.7 mark. The average of Bollinger bands is $29.7. The moving average (MA) has also traveled up and is present at the $31 mark. The relative strength index (RSI) is trading in the overbought region at index 79, but the curve of the indicator has flattened out, which hints at pressure from the bearish side. DOT entered the overbought zone once the price hit the $28 level on 26th December.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin is in bullish form today, but the price oscillations may slow down now as the coin’s price function has jumped above $32, which is in bearish territory and extends up to the $33.7 level. The last three severe heavy sell-offs were also observed in this range on 4th December, 20th, and 7th September, respectively, so we expect DOT to retrace a bit before breaking through this crucial resistance level.

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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