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Polkadot price analysis: Bulls define the price action as DOT price recovers to $18.6

Polkadot price analysis

TL;DR Breakdown

  • The Polkadot price analysis is bullish.
  • Resistance for DOT is present at the $19 level.
  • Support for DOT is present at $17.6.

The Polkadot price analysis is showing a slight improvement in the price today, as it has slowly reached the $18.6 level. The bullish momentum had helped in the partial recovery of the coin value since yesterday.

Yet, the bulls have taken a small step towards recovery today as green candlesticks are appearing in the updated price chart. A further upgrade is to be expected, as the bulls are trying to take full advantage of the opportunity at hand. However, if observed on an hourly basis, then selling pressure has also emerged again, which is hindering the upwards movement of the price function.

DOT/USD 1-day price chart: DOT continues a slow recovery

The 1-day Polkadot price analysis indicates a bullish activity, which has been favoring the buyers as the price level has improved today. The bulls have been able to recover the price up to $18.6, as the coin has gained around 1.03 percent value during the last 24 hours. The recovery has been slow as the selling pressure is still there in the market.

Polkadot price analysis
DOT/USD 1-day price chart. Source: TradingView

The bulls have been relatively gaining momentum in the past week, as the coin is reporting a 0.99 percent gain in value over the last seven days. And the moving average (MA) has been $18.4 lately. Also, the volatility for cryptocurrency is also decreasing as the Bollinger bands are contracting. The upper band is at the $21.7 mark representing the resistance for DOT, and the lower band is at the $16.2 mark, representing the strongest support for cryptocurrency. The relative strength index (RSI) is trading at an upwards slope also, as it shows a reading of 46 near the center of the neutral zone.

Polkadot price analysis: Recent developments and further technical indications

The Polkadot price analysis showing 4-hours progress is giving out a bullish signal, as the bulls are putting their efforts to avail any chance of recovery. The DOT value has increased to $18.6 after recovering since yesterday. Even today’s price breakout was also downwards, but later on, the trend turned bullish, and selling pressure was seen again during the last four hours as well.

Polkadot price analysis
DOT/USD 4-hours price chart. Source: TradingView

The volatility is mild on the 4-hour chart. The Bollinger bands are making an average value of $18.7, just above the price level. The upper value of the indicator is settled at $19.6, and the lower value is present at the $17.8 mark. The RSI has turned horizontal again as the selling activity has started again, and the indicator is present at index 52.

Polkadot price analysis conclusion

The 1-day and 4-hours Polkadot price analysis is predicting a rise in price as the coin value has recovered up to the $18.6 level. The bulls have been able to overcome the intensifying bearish momentum and have been able to restrict the price from going down further. However currently, the price is correcting again, but we expect it to start moving upwards after correcting for four hours. Though a major recovery doesn’t seem possible today, the price is expected to be capped in greens.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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