Bitcoin
$ 30,069.00 2.27%
Ethereum
$ 2,017.73 2.30%
Solana
$ 51.86 4.18%
Dogecoin
$ 0.085928 1.87%
ApeCoin
$ 7.97 0.02%
STEPN
$ 1.41 5.13%
Terra
$ 0.000188 62.01%

Polkadot price analysis: Bulls mount pressure above $18.0 while eyeing gains above $19.00

dot

TL;DR Breakdown

  • Polkadot price analysis shows a bullish trend
  • DOT prices are currently trading at $18.08
  • Resistance for DOT prices is present at $19.0
Polkadot price analysis: Bulls mount pressure above $18.0 while eyeing gains above $19.00 1
Cryptocurrencies prices heatmap, source: Coin360

The Polkadot price analysis shows that the market has seen a surge of 4.50 percent over the last 24-hours as the bulls continue to mount pressure. The DOT prices are currently trading at $18.08 after a brief consolidation below $17 yesterday. The bulls have been in control of the market since the beginning of this month. The Polkadot price analysis shows that the buyers are in full control of the market as they push the prices higher. The buyers have been able to push the price action above the $18 resistance level and are currently eyeing gains towards the $19.0 level.

Polkadots price has been hovering around $17.33 to $18.31 as the trading volume decreases. The prices have sought significant support at the $17.30 level while the market capitalization is at $13.76 billion. The 24-hour trading volume for DOT has seen a massive dip as it comes down from $1.05 billion to $597 million. This indicates that the interest in the market has died down slightly but the bulls remain in control of the market. Moreover, the current market dominance for DOT stands at 5.67 percent as the cryptocurrency ranks position 12 overall.

Polkadot price action on a 1-day price chart: Bullish rally incoming?

The 1-day DOT/USDT price chart for the Binance exchange shows a market in a clear uptrend as the bulls continue to mount pressure. The prices are currently trading well above the 50-day simple moving average which is an indicator of the bullish momentum in the market. Moreover, the Relative Strength Index has also recovered from the oversold region and is currently trading in the middle of the range. This indicates that there is no bearish momentum in the market and the bulls are in full control.

Polkadot price analysis: Bulls mount pressure above $18.0 while eyeing gains above $19.00 2
DOT/USD 1-day price chart, source: TradingView

On the downside, there is initial support present near the $17.50 level which could help in preventing any sharp declines. However, if the bearish pressure increases, then DOT prices may retest the $16.50 support level. The MACD indicator is also in the bullish zone as the signal line looks to crossover above the histogram. This is a further indication of a surge in bullish momentum which could lead to DOT prices testing the $19.0 resistance level.

Polkadot price action on a 4-hour price chart: Recent developments and further technical indications

Polkadot price analysis on a 4-hour price chart suggests that the market is in a clear uptrend as the prices continue to surge higher. The DOT prices have been following an ascending channel formation as they look to break above the $18.0 resistance level. Moreover, the moving averages are also aligned in favor of the bulls as the 50-day MA is currently providing support near $17.80 while the 200-day MA is well above the $16.0 level.

Polkadot price analysis: Bulls mount pressure above $18.0 while eyeing gains above $19.00 3
DOT/USD 4-hour price chart, source: TradingView

The RSI indicator is currently in the overbought region which indicates that the prices may see a slight correction lower. However, the bulls are likely to protect any major downside as they look to push DOT prices towards the $19.0 resistance level. On the downside, the initial support is present near the $17.50 level followed by the $17.00 level.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the market is in a clear uptrend as the bulls remain in control of the market. The buyers are targeting a move towards the $19.0 resistance level in the near term. However, if the bearish pressure increases, then DOT prices may retest the $16.50 support level. The market volatility for DOT prices is however low as indicated by the ATR indicator which is presently at $0.91. This indicates that DOT prices may see a consolidation phase in the near term before the next major move.

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.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Crypto exchanges are relisting LUNA after the crash
Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Dogecoin price analysis: DOGE continues to face rejection below $0.1 mark
Shiba Inu price analysis: SHIB shows bullish potential at $0.00001196

Follow Us

Industry News

Crypto exchanges are relisting LUNA after the crash
TAG Heuer adopts crypto payment option
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace