- Polkadot price analysis records 5 percent increase over the past 24 hours
- DOT shows breakaway for the first time since February 28
- Trading volume grew 3 percent with market capitalisation rising by 6 percent
Polkadot price analysis is finally bullish for the first time this month, as price jumped up more than 5 percent over the past 24 hours. Price jumped as high as $18.05 as trading volume also pushed up by 3 percent, along with DOT market capitalisation growing by 6 percent. Price has risen for the first time since February 28, but stays well below the then high of $18.90. DOT price fought off multiple rejections from the 50-day simple moving average (SMA) to extend beyond the demand zone lying between $11.37 and $15.66 and further consolidation from current price of $17.89 could trigger a 20 percent uptrend towards $22.23.
The larger cryptocurrency market made significant upturns throughout the board, led by Bitcoin’s 9 percent rise to take price past $42,000. Ethereum also grew 6 percent, with price sitting at $2,700. Among Altcoins, Ripple reached up to $0.77 with a 6 percent increment, while Cardano also rose 6 percent to move up to $0.85. Dogecoin rose 5 percent, Solana 6 percent, while Terra made the biggest increment in the market, rising 22 percent to reach as high as $103.36.
Polkadot price analysis: Price heads upwards to form local top at $17.23
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a run for the $22.23 key resistance point after spending the last week around the $15.66 demand zone. The current uptrend is set to form a local top at $17.23 where some selling pressure may be expected from short-term market entrants, but a bullish extension past $20 remains a possibility. Technical indicators show favourable signs for it, with price sitting above the crucial 50-day exponential moving average (EMA) after facing previous rejections of it.
The market valuation also seems favourable for DOT, with the relative strength index (RSI) value seen at 46.50 indicating a ripe market interest for the token. Furthermore, the moving average convergence divergence (MACD) formed a bullish crossover overnight and sits above the neutral zone to provide a bullish outlook for Polkadot. That being said, a lower knock off cannot be ruled out. If price falls below the crucial 50-day EMA, price may implode towards the previous trend and settle within the $11.66-$15.41 demand zone. A further falling past $10.37 would completely eradicate the bullish sentiment.
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