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Polkadot price analysis: DOT bullish towards $24 after beginning new uptrend

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows price rising by 3 percent over 24 hours
  • A new uptrend forms on the daily chart which could push price up to $24
  • 24 hour trading volume fell over 6 percent with market capitalisation rising by 3 percent

Polkadot price analysis is newly bullish today, as price underwent a 3 percent rise over the past 24 hours to move into touching distance with the $18 mark. Price is expected to reach as high as $24 over the newly found uptrend, as technical indicators provide favourable viewing in that respect. Resistance is expected to be met around the March-high value of $20, while any movement below $16 would cripple the upswing. Over the past 24 hours, DOT market cap rose by over 3 percent, while trading volume fell by 6 percent.

The larger cryptocurrency market also showed increments being made across the board, led by Bitcoin’s ascent worth 2 percent to move up to $39,500. Ethereum also moved past $2,500 with a 3 percent increment, whereas Altcoins also showed positive outcomes across the market. Ripple, Dogecoin and Cardano all rose 1 percent each, while Solana and Avalanche made jumps worth 6 percent. The only downward movement was seen with Terra, losing 2 percent to move down to $88.63.

Polkadot price analysis: DOT bullish towards $24 after beginning new uptrend 1
Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: Bullish indicators all round on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an upturn to take price up to $18.35, the highest level since March 1. DOT forms an ascending triangle on the daily chart, taking price past the crucial 25-day exponential moving average (EMA) at $17.81. The relative strength index (RSI) shows a strong market valuation for the token at 52.51, whereas the moving average convergence divergence (MACD) sits above its neutral zone after maintaining its bullish crossover.

Polkadot price analysis: DOT bullish towards $24 after beginning new uptrend 2
Polkadot price analysis: 24-hour chart. Source: Trading View

Price is expected to keep pushing upwards till the $20 mark, where some sell offs may come into the market. If consolidation can be maintained over the next 24 hours, DOT price may look as high as $24. Conversely, a spike downwards to close below $17 from the current trend would invalidate the bullish thesis.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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