- Polkadot price analysis is bullish today.
- DOT/USD is currently trading at $
- Support for DOT/USD is present at $31.3.
The Polkadot price analysis is bullish for today, as the third day in a row of bearish momentum. Since December 21st, the coin has recovered swiftly and gained significant value over the previous few days. The market’s mood toward DOT/USD pair has improved significantly since it has returned to the $32 range, according to the positive momentum that is bullish.
The 1-day Polkadot price analysis shows that DOT is continuing its bull run, with the cryptocurrency valued at $32.4 as of writing. The crypto pair has seen a 7.6 percent rise in value over the last 24 hours. Since yesterday, the digital currency has appreciated more than 38 percent, which was made possible by a continuous upswing. Over the past seven days, the market capitalization increased by 7.86%, while trading volume rose by 68% for the same period, resulting in the market dominance of 1%.
The price of DOT/USD pair is volatile, and as the Bollinger bands continue to separate, the volatility will rise in the coming days. The upper band has been reached at $31.7, with the price trading above it, implying support for DOT; the lower band has fallen below $22.9, signaling a decline in demand. The mean average of the signal is currently located at $27.3. Index 56 shows a steep upwards curve for RSI (Relative Strength Indicator), which suggests buying pressure in the market.
DOT/USD four-hour price analysis: Recent developments
The Polkadot 4-hour price analysis demonstrates that the coin ran into some resistance after breaking through the previous high, with the price function being held from further upside around the $31.4 range for eight hours. Bulls succeeded in making a breakthrough, and the asset rallied strongly during the next four hours towards $32, where it is now.
On the 4-hour chart, DOT’s volatility is high because the Bollinger bands are widening. The upper band is at $32.6, indicating resistance for the coin, while the lower band is at $26.7. The average of Bollinger bands is $29.7. The moving average (MA) has climbed higher and now sits at $31.0, suggesting that there may be pressure from the bearish side as well as overbought indicators on December 26th when the price hit $28. DOT went into an overbought condition when it hit $28 on December 26th.
Polkadot price Analysis: Conclusion
Today, the Polkadot price analysis indicates that the coin is in a bullish trend. However, price fluctuations may slow down as the coin’s price function has surpassed $32, which is in bearish territory and extends up to the $33.7 level. We anticipate DOT to retrace a bit before breaking through this critical resistance level.
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