Polkadot price analysis is bullish, with the DOT/USD pair rising to the $4.63 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control. Currently, the price is just below the channel’s upper boundary at $4.68. A breakout above this level could see Polkadot target the next resistance level at the $4.68 level. On the other hand, a failure to move past $4.68 may see the price pull back to test support at the $4.51 mark.
The trading volume has increased over the last 24 hours to retrace to $131,399,714 Therefore, the bulls need to be careful as a bearish move could invalidate the bullish trend, the Polkadot price is currently in a breakout zone and a move in either direction could set the tone for the next move. The market cap for the Polkadot price is currently at $5,329,278,502.
DOT/USD 1-day price chart: Polkadot to continue upside
The 1-day Polkadot price analysis shows DOT is in bullish momentum, as the cryptocurrency is trading hands at $4.53 at the time of writing. The crypto pair reports an increase in value by 10.45 percent over the last 24 hours, and the cryptocurrency also reports an increase in price value by 2.85 percent over the past week, as the buyers have been persistent in their efforts.
The 50 SMA is currently providing support for the DOT/USD pair as it is located below the current trading price. However, the 200 SMA is slowly catching up and a crossover between these two moving averages could see Polkadot target higher prices. The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state.
Polkadot price analysis: Bulls continue to dominate as DOT price nears $4.53
The 4-hour Polkadot price analysis shows the coin recently faced some resistance after breaking out of a consolidation period. However, the bulls took control of the market and pushed the price above $4.5, leading to a new all-time high of $4.63. Currently, the buyers are looking to target a break above $4.68 and if they manage to do so, then Polkadot could target a new all-time high of $5.
The buyers need to be careful as the RSI is currently in the overbought zone, which suggests that the upward momentum is slowing down. However, the MACD shows that the buyers are still in control of the market as it continues to remain above zero. The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state.
Polkadot price analysis conclusion
From the above Polkadot price analysis, it can be concluded that DOT has a slight bullish bias. The digital asset is currently trading at a key junction and a breakout from either side of the range could set the tone for the next move. Both the hourly and the daily technical indicator are currently in a bullish state and they are indicating that the bulls have the upper hand in the market.