logo

Polkadot price analysis: DOT increases by 3% after strong bullish momentum

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today
  • The strongest resistance is present at $4.68
  • The strongest support is present at $4.51

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.

image 72
DOT/USD 24-hour price chart. Source: TradingView

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.

image 73
DOT/USD 4-hour price chart. Source: TradingView

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.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

Related News

Hot Stories

Breaking: SBF's parents will be called to testify under oath
Tesla reports Bitcoin impairment charge in Q4 2022
Alchemy Pay Price Prediction 2023-2032: Is ACH a Good Investment?
Bitcoin price analysis: Bulls head on towards next aim after surpassing $23,089
Ethereum price analysis: ETH surges high above $1,554 as bulls regain momentum

Follow Us

Industry News

Breaking: SBF's parents will be called to testify under oath
Tesla reports Bitcoin impairment charge in Q4 2022
Hacker moves stolen $90 million after six years
Elizabeth Warren wants the SEC to tighten its scrutiny on crypto
Middle East and North America (MENA) venture capitalists to increase crypto investments in 2023

Add Your Heading Text Here