- Polkadot price rose 4 percent on the day to go above $18.51 resistance
- Price movement showed bullish signs by reaching as high as $18.88 with trading volume falling 20 percent
- Recent trend suggests seller pressure is set to come in with increasing volatility
Polkadot price analysis shows bullish signs for the token. Price raced up 4 percent on the day’s trade to reach as high as $18.88. In doing so, DOT moved past the $18.51 resistance point that is now set at $20.44. In addition, the trading volume for DOT fell more than 20 percent to present a completely bullish scenario during the day’s trade.
Recent price action would suggest that it’s time to cash out for most traders which will bring volatility into the market. DOT price has been a part of a declining cryptocurrency market since January 17 and has recorded its first daily increase since then. Traders are expected to be vary of the current volatility which would help price downwards over the coming trade.
The larger cryptocurrency market showed increments all around during the day’s trade, with Bitcoin rising more than 2 percent to sit just under $38,000. Ethereum racked up 5 percent to sit at $2,600, with Altcoins showing mixed results. Litecoin increased more than 3 percent to move up to $111.02, while Tron gained 6 percent to move to $0.059. In comparison, Cardano and Ripple lost 2 percent each to move down to $1.05 and $0.142, respectively. Solana also gained 3 percent to rise up to $95.60.
DOT/USD 24-hour chart: Lowering RSI evident to upcoming decline
The 24-hour candlestick chart for Polkadot price analysis shows price bracing for a swift decline after reaching past the resistance point at $18.51. Price remains below the crucial 25 and 50-day exponential moving averages (EMAs) at $18.96 with the relative strength index (RSI) value floating around 33 to show a lowly market valuation for DOT. The moving average convergence divergence (MACD) curve also shows bearish lows, edging below the neutral zone over the day’s trade.
DOT/USD 4-hour chart: Seller pressure continues to rise as US trade kicks in
The 4-hour chart for Polkadot price analysis shows a trend for DOT buyers to worry, suggesting the token succumbs to seller pressure after every increment made in a trading session. Over the day’s trade, the Asiatic and European trade sessions tried to hold price above resistance and consolidate but failed to press higher as price fell over the last session. Seller came late into the market as the US region traded during the day, taking the RSI down to 52.23 with further decrements in line. Over the next short-term trade, DOT is expected to fall as low as $18.01, which will put support down to $16.23 as trade is expected to carry out in a tight range from $17.55-$18.01.
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.