Ethereum
$ 1,096.25 0.16%
Solana
$ 34.76 3.56%
Dogecoin
$ 0.067488 1.53%
ApeCoin
$ 4.71 0.53%
Bitcoin
$ 20,355.00 1.33%
BNB
$ 223.56 1.93%

Polkadot price analysis: DOT/USD bullish for the next 24 hours

image

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • Price targets $28.47 resistance zone with an expected 15 percent upturn
  • In case of a bearish takeover, price must go down to $16.89 to invalidate bullish thesis

Polkadot price analysis for the day shows bullish signs, as price took a swift upturn to move past the $20 mark. DOT seemed to have failed to test the current level on February 2, when price declined down to $18.01, but an immediate change in trend followed during the day’s trade. Polkadot could be in line for a further increment of up to 15 percent to take price up to the resistance point at $28.47, however, the next hurdle is expected at $22. At current trend, DOT presents an ideal buying opportunity where profits could be booked within the $22 and $24.18 range.

The larger cryptocurrency market picked up massive increments over the day’s trade, led by Bitcoin’s ascend above the crucial $40,000 mark with a 10 percent increment. Ethereum followed suit with a 13 percent rise, taking price up to $3,000. Among Altcoins, Ripple and Cardano gained 6 and 5 percent, respectively, while Solana upped more than 12 percent to take price up to $108.779.

DOT/USD 24-hour chart: Increasing market value tips for current trend to continue

The 24-hour candlestick chart for Polkadot price analysis shows price rising above the crucial 25 and 50-day exponential moving averages (EMAs) during the day’s trade. DOT gained more than 10 percent to build momentum towards the initial testing point at $22, with further movement upward expected to take price up to the $28.47 resistance. In case buying pressure continues, Polkadot can cut the supply zone to test the 50-day simple moving average (SMA) at $24.18 over the next 24 hours.

The relative strength index (RSI) in this case shows favourable market valuation for DOT, sitting at an increasing value of 46.15. The moving average convergence divergence (MACD) curve sets a similar view, crossing the neutral zone to set up bullish highs.

Polkadot price analysis: DOT/USD bullish for the next 24 hours 1
Polkadot price analysis: 24-hour chart. Source: Trading View

DOT/USD 4-hour chart: Price vary of $16.89 support to intervene

In a converse scenario, the bullish thesis may be sidelined if DOT 4-hour candlestick chart closes below the $16.89 support. This will create an opportunity for sellers to lower price down to $15.05 after attaining profits from current trade. In this scenario, DOT will have to push again to test the $20 mark. The current 4-hour stance for DOT could be termed as overvalued in the market, with the RSI value sitting above 66, hence buyers need to be vary of a quick turnaround.

Polkadot price analysis: DOT/USD bullish for the next 24 hours 2
Polkadot price analysis: 4-hour chart. Source: Trading View

The MACD in this case sets a bearish trend as the moving averages move apart. The Chaikin Money Flow (CMF) indicator shows increasing selling pressure as the current green line dips below zero.

Polkadot price analysis: Conclusion

The Polkadot price analysis has shown bullish intent, with the price moving upwards to test past $20. A further increment of up to 15 percent is expected to take price up to the resistance point at $28.47. In case of a bearish takeover, price must go down to $16.89 to invalidate bullishOT/USD price analysis for the day shows bullish signs, as price took a swift upturn to move past the $20 mark. Polkadot could be in line for a further increment of up to 15 percent to take price up to the resistance point at $28.47, however, the next hurdle is expected at $22.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

Related News

Hot Stories

Bitcoin price analysis: Bears all set to nuke BTC as $19k support fades
Cardano price analysis: ADA swiftly returns back to $0.44, reversal next?
Dogecoin price analysis: DOGE declines down to $0.062 amid growing seller pressure
Chainlink price analysis: LINK price sinks to $5.95, a further downside to follow?
SKALE Price Prediction 2022-2031: How high can SKL get?

Follow Us

Industry News

CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak
Ronin bridge returns online after hack
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report