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Polkadot price analysis: DOT gains value at $19.06

dot

TL;DR Breakdown

  • Polkadot price analysis shows a bullish trend
  • DOT prices have increased by 5.54 percent
  • Current resistance for DOT prices is seen at the $20 level
Polkadot price analysis: DOT gains value at $19.06 1
Cryptocurrencies prices heatmap.source: Coin360

Recent Polkadot price analysis shows rallying in prices as they prepare to touch a new all-time high. The market is currently showing good signs of growth and development. DOT/USD prices have increased by 5.54 percent in the last 24 hours, and they are currently trading at $19.08. Prices have been on an upward trend since the start of the month as investors’ sentiments grow positive about the future of cryptocurrency. The current resistance for DOT prices is seen at the $20 level, and a breakout above this level could see prices rallying to $22 levels in the near term.

Polkadot price analysis shows the DOT prices have been trading between a range of $18.07 to $19.14 over the last 24 hours while the trading volume has seen a slight surge of 5.92 percent. The market capitalization is currently at $18.07 billion, and the total value of DOT in circulation is $16.29 billion. The cryptocurrency is currently ranking in position 12 as it dominates 0.98 percent of the total cryptocurrency market.

Polkadot price action on a 1-day price chart: Bulls heighten their grip

The 1-day price chart for DOT/USD shows a consistent and steady uptrend in prices as they move towards the $20 level. The 20-day simple moving average (SMA) has provided good support to prices, and the 50-day SMA is also seen providing some resistance at the $19.78 level. The Relative Strength Index (RSI) is seen climbing towards the overbought regions as bulls take control of the market. The MACD indicator shows increasing bullish momentum as the signal line crosses above the histogram.

Polkadot price analysis: DOT gains value at $19.06 2
DOT/USD 1-day price chart, source: TradingView

The breakout above the $20 level could see prices reaching $22 levels in the near term. The $18 level is seen as the major support level for prices, and a break below this level could see prices retesting the $17 level. The market volatility is expected to increase in the near term as prices move closer to the $20 level as indicated by the Bollinger Bands which are seen to bulge outwards.

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

The Polkadot price analysis on the 4-hour price chart shows that the market has been on an uptrend since the start of the month. The prices have made higher highs and higher lows, which is a bullish trend. The 20-day SMA is providing good support to prices at the $18.50 level, and the 50-day SMA is seen close to the $19 level. The RSI indicator is currently in the overbought regions as prices continue to rally higher. The MACD indicator shows good bullish momentum as the signal line crosses above the histogram.

Polkadot price analysis: DOT gains value at $19.06 3
DOT/USD 4-hour price chart, source: TradingView

The prices are expected to break higher in the next few hours as the market gains traction. The $20 level is seen as a major resistance level for prices, and a breakout above this level could see prices rallying towards $22 levels in the near term. The $18 level is seen as a major support level for prices, and a break below this level could see prices retesting the $17.50 level.

Polkadot price analysis conclusion: DOT prices to break higher in the near term

Overall, the recent developments and technical indicators show that the market is expected to break higher in the near term. The current buying pressure is set to push prices towards the $20 level, and a breakout above this level could see prices rally to $22 levels. The market volatility is expected to increase as prices move closer to the $20 level. Conversely, a break below the $18 level could see prices retesting the $17.50 level in the near term.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

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