Polkadot price analysis: DOT/USD prices gain 0.17 percent after a brief consolidation

dot

TL;DR Breakdown

  • Polkadot price analysis is bullish
  • DOT prices have faced resistance at $20.62
  • Support for Polkadot prices is present at $19.78
Polkadot price analysis: DOT/USD prices gain 0.17 percent after a brief consolidation 1
Cryptocurrencies prices heatmap, source: Coins360

Polkadot price analysis shows the market has shifted from yesterday’s accumulation to today’s distribution. DOT/USD prices have been trading sideways for the past 12 hours as prices are currently trading at $20.30. The broader cryptocurrency market is in a weak state today as Bitcoin prices fall below $44000.DOT prices have established strong support at $19.78, which is likely to continue pushing prices higher in the near term. However, the major resistance level for DOT prices lies at $20.62, where prices have repeatedly failed to break out over the past two days.

DOT prices have been trading at a close range of $20.62 and $19.78 over the past 12 hours as buyers and sellers battle for control of the market. The market capitalization of DOT currently stands at $20,032,674,659.00, with a 24-hour trading volume of $710,742,938.15 and currently ranking position 11 overall.

Polkadot price action in the last 24 hours: Bulls have the upper hand

The 4-hour DOT/USD chart shows that the market has been trading sideways since yesterday as prices fail to break out of the $20.62 resistance. The sideways trading is likely to continue in the near term as the bulls and bears battle for control of the market. If the bulls can push prices above $20.62, we could see a move towards $21.50 in the near term. On the other hand, if prices break below $19.78, we could see a move towards $18.50 in the near term.

Polkadot price analysis: DOT/USD prices gain 0.17 percent after a brief consolidation 2
DOT/USD 1-day price chart, source: TradingView

The technical indicators on the 1-day price chart are currently giving mixed signals as the RSI is trading at 54.40, which is in the neutral zone. The MACD is currently rising as the fast-moving line moves above the slow-moving line, indicating that bullish momentum is building up in the market. However, the 100 SMA indicator is currently below the 200 SMA indicator, which indicates that the market is in a bearish trend in the long term.

Polkadot price analysis on a 4-hour price chart: DOT/USD prices set to break out

The 4-hour DOT/USD chart shows that the market has been trading in a sideways range since yesterday as prices fail to break out of the $20.62 resistance. The market is currently consolidating at the $20.30 level as bulls and bears battle for control of the market. The technical indicators on the 4-hour time frame are indicating a potential breakout in the market as the RSI is trading at 55.60, which is in the neutral zone.

Polkadot price analysis: DOT/USD prices gain 0.17 percent after a brief consolidation 3
DOT/USD 4-hour price chart, source: Tradingview

The MACD line is currently residing towards the upper end of the histogram, which indicates that bullish momentum is slowly building up in the market. However, the market volatility is currently low, which indicates that a major move is yet to occur in the market as the Bollinger bands are currently contracting.

The market is currently trading at a critical juncture as the bulls and bears battle for control of the market. If the bulls can push prices above $20.62, we could see a move towards $21.50 in the near term.

Polkadot price analysis conclusion:

Polkadot price analysis for today indicates the market has shifted to the distribution phase as prices face resistance at $20.62. The technical indicators are currently giving mixed signals as the market is trading at a critical juncture. A break out above the $20.62 resistance could see prices move towards $21.50 in the near term, while a break below $19.78 could see prices move towards $18.50 in the near term. The current buying pressure in the market is likely to continue in the near term as prices are expected to move higher.

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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