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Polkadot price analysis: DOT/USD touches $20 as bulls dominate the market

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TL;DR Breakdown

  • Polkadot price analysis shows are bullish
  • DOT prices are facing resistance at $20.64
  • Polkadot has established a strong support at $19.64
Polkadot price analysis: DOT/USD touches $20 as bulls dominate the market 1
Cryptocurrencies price heatmap, source: Coin360

The Polkadot price analysis for today is in favor of the bulls as they have won the price battle that has been witnessed over the past few sessions. The DOT/USD market has been heading towards the north in recent times after a brief consolidation period. At the time of writing, Polkadot is trading hands at $20.26, which is around 1.16 percent higher than its opening value today.

The Polkadot price analysis shows that bulls are currently facing resistance at the $20.64 level. If they are able to break this barrier, the market could surge higher towards the $21.50 and $22 levels. However, if the bears manage to take control over proceedings, then the DOT/USD market could fall back down to the $19.64 support zone. Polkadot prices have been hovering between a range of $19.64 to $20.64 with an increase in the trading volume which is currently at $1,212,885,133.02. The market capitalization is at $19,109,298,848.52 and the 24-hour DOT trading volume is at $2,042,460,604.23.

Polkadot price movement on 1-day price chart:DOT/USD prices continue to rally as it hits $20 level

The Polkadot price analysis on the 1-day price chart reveals that the DOT/USD market has been on an uptrend as it breached the $20 level today. The market had been consolidating for some time between the $19.64 to $20.64 levels before surging higher today. The bulls have managed to push the prices higher as the Relative Strength Index indicator is currently in the overbought territory.

The market is currently facing resistance at the $20.64 level and a breakout could see it surge higher to the $21.50 and $22 levels. However, if the bears manage to take control over proceedings, then the DOT/USD market could fall back down to the $19.64 support zone. The Parabolic SAR indicator is currently in the bullish territory and suggests that the uptrend could continue in the near future while the EMAs are also well placed to support any further upside.

Polkadot price analysis: DOT/USD touches $20 as bulls dominate the market 2
DOT/USD 1-day price chart, source: TradingView

The MACD indicator is currently in the bullish zone, suggesting that the bulls are in control of the market at the moment while the Bollinger bands are expanding, indicating high volatility.

DOT/USD prices on 4-hour price chart:DOT/USD market consolidates between $19.64 to $20.64

The DOT/USD market is currently in a consolidation phase between the $19.64 to $20.64 levels as it tries to break out of the current range. The market has been stuck in this range for some time now and a breakout could see it surge higher to the $21.50 and $22 levels. However, if the bears manage to take control over proceedings, then the DOT/USD market could fall back down to the $19.64 support zone.

Polkadot price analysis: DOT/USD touches $20 as bulls dominate the market 3
DOT/USD 4-hour price chart, source: TradingView

The Relative Strength Index indicator is currently in the overbought territory and suggests that there could be a correction in the near future while the Parabolic SAR indicator is currently in the bullish territory and suggests that the uptrend could continue in the near future. The MACD indicator is currently in the bullish zone, suggesting that the bulls are in control of the market at the moment while the Bollinger bands are expanding showing the market is set to record high volatility.

Polkadot price analysis conclusion

The Polkadot price analysis shows that bulls are currently rallying the price upwards, establishing a strong bullish trend. The technical indicators on the 1-day and 4-hour price charts are currently in the favor of the bulls and a breakout from the current consolidation phase could see prices surging higher to the $21.50 and $22 levels. However, if the bears manage to take control over proceedings, then the DOT/USD market could fall back down to the $19.64 support zone.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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