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Polkadot price analysis: DOT price ready to challenge the $29 mark again

Polkadot price

TL;DR Breakdown

  • Polkadot price is expected to rise to $29
  • The closest support level lies at $28
  • Polkadot price is facing resistance at the $29

Polkadot price has finally gone past the $26 mark and strong bullish momentum has carried the price to challenge the $29 mark. Polkadot price records an over 28 percent price hike across the last seven days showing extremely strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement

Across the broader cryptocurrency market, the last 24 hours have observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Ripple that record a 5.24 and a 0.09 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 3.33 and a 0.81 percent hike.

Technical indicators for DOT/USDT

Polkadot price analysis: DOT price ready to challenge the $29 mark again 1
Technical indicators for DOT/USDT by Trading view

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price is struggling to climb back above the 1.25 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI broke out of the neutral region yesterday but has since dropped back into the neutral zone. The indicator currently trades above the 64.00mark and moves upwards suggesting a bullish presence at the current price level. Moreover, the RSI trades with a steep slope suggesting decreasing bearish momentum as the buyers appear to be fighting back

The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Polkadot price to increase in the short term. Moreover, as the price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only four indicators suggest a bearish retracement. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Polkadot price?

Polkadot price analysis: DOT price ready to challenge the $29 mark again 2
4 hour price chart by Trading view

Polkadot price is currently facing resistance at $29 mark but the market shows strong bullish sentiment .The short term and the midterm technical indicators support the bulls heavily.As such traders should expect the price to break above $29 mark soon .Traders can even expect an upward breakthrough where Polkadot might be able to challenge the $30 mark again if the current momentum continues.Moreover, if the bears take hold of the market the price will not go lower than the $27 mark

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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