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Polkadot price analysis: DOT consolidates above $19, an upwards breakout possible?

Polkadot price analysis DOT consolidates above an upwards breakout possible

TL;DR Breakdown

  • Price has increased up to $19.66 level.
  • Polkadot price analysis predicts a bullish trend.
  • Support is found at $18.8 position.

The most recent Polkadot price analysis is showing signs of bullish activity as the price level has been at least maintained since the last week with some increase as well. The price has been uplifted to $19.66 as a result of the bullish pressure and is expected to upgrade even more. The past week has been relatively favorable for the bulls as the uptrend remained slow but constant. The price is still following the bullish movement and might as well follow new heights in the coming days. Basically, the DOT/USD has been consolidating since 23rd January, and we expect the consolidation to result in an upwards breakout.

DOT/USD 1-day price chart: Bulls succeed in rescuing price above $35.8

The one-day chart for Polkadot price analysis is displaying promising results, as the price has undergone improvement today as well. The past week proved successful for the bulls as they ruled the charts for most of the days. Today, the trend has been no different as there has been a rise in price up to the $19.66 level. A crossover between SMA 20 and SMA 50 is also expected as well if the bulls retain their leading position.

Polkadot price analysis: DOT consolidates above $19, an upwards breakout possible? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility has increased, which is why the Bollinger bands average has been readjusted to $21.5. The upper value of the Bollinger bands Indicator is now at $28.95, representing the strongest resistance for DOT, while its lower value is at $14, representing the strongest support for DOT/USD. The Relative Strength Index (RSI) has increased up to index 40 as well because of the bullish trend.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the bulls have been ruling the hourly price chart as well as the price has increased tremendously during the past few hours. The price is currently present at $19.66 position, and it is expected that it will soon find a new height. As the bullish momentum was at its peak yesterday, the price has been able to break past the $18.77 resistance as well. Furthermore, the moving average (MA) indicator is showing its value at $18.99 below the price level.

Polkadot price analysis: DOT consolidates above $19, an upwards breakout possible? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility has been increasing again, which is why certain variations in the price movement can be expected. The Bollinger Bands Indicator in the 4-hours price chart shows the following values; the upper value is $20 while the lower value is $17. The RSI score is quite near the overbought mark but still at a neutral position and has currently reached index 61.

The overall Polkadot price analysis shows that the price has improved considerably during the past few days, but the overall price trend line is still downwards. This is why the majority of the technical indicators favor the selling side, with 11 indicators on the selling position, 10 on the neutral position, and five indicators on the buying position.

Polkadot price analysis conclusion

The one-day and four hours Polkadot price analysis is showing a substantial rise in price as the bullish momentum is slowly gaining stability. The price has rejoined the $19.66 level and is expected to move towards a higher position in the future. The hourly chart is predicting a sufficient improvement in price as well, which is a welcoming sign for the buyers, as Polkadot is expected to remain bullish for the next 24 hours, and we expect it to take an upwards breakout from the current consolidation phase.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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