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Polkadot price analysis: Bulls stumble to keep DOT on the uptrend above $10

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis shows a bullish trend
  • DOT prices are trading above $10.5
  • Polkadot prices have set key support at $10.0

The recent Polkadot price analysis shows DOT price is currently at $11.03 after opening the daily trading chart at an intra-day high of $11.18. Prices have corrected lower from this high, but the bulls have been able to find support at around $10.0 levels and prices have bounced back higher as buyers enter the market. The overall trend is still bullish, but the bulls need to be careful as there is a potential bearish divergence setting up on the RSI.

The recent Polkadot price analysis shows that DOT prices are trading above the $10.5 level and have set key support at $10.0 levels. The resistance for DOT prices is seen at the $12 level and the long-term resistance is at the $14.5 level. The support levels are at $9.8, $9.5, and $9.0 levels. DOT ranks position 11 while it dominates 0.85 percent of the larger digital asset market.DOT’s market capitalization is $10.8 billion while the total trading volume is $947,045,098.21. The overall market sentiment is shifting to the bullish side as Polkadot‘s price increases.

DOT/USD price action on a 1-day price chart: Rebound seen from the $10 level

The recent Polkadot price analysis shows that prices have found support at around $10.0 after a corrective move lower from the highs of $11.18. The overall market sentiment is bullish as prices continue to move higher. However, the bulls need to be careful as there are signs that prices could correct lower in the short term. The DOT/USD market volatility is currently at 2.79 percent which is relatively low when compared to other digital assets in the market. The market is expected to see increased volatility as prices move higher as the Bollinger bands are bulging outwards.

The RSI indicator is currently at 58.39 and is showing signs of a potential bearish divergence as it moves lower from the highs of 68.75. The MACD indicator is currently in the bullish zone but is losing momentum as it starts to move lower. Prices need to continue to move higher, and the bulls need to be careful as prices could correct lower in the short term.

image 254
DOT/USD 1-day price chart, source: TradingView

On the 1-day chart, we can see that there is a potential bearish divergence setting up on the RSI as prices make higher highs while the RSI makes lower highs. This is a bearish sign and if the RSI breaks below 50, it could signal that prices could move lower. The MACD is bullish and prices are trading above the 200-day EMA which is a positive sign for the bulls. However, the dotty indicator has turned red after yesterday’s move higher which is a bearish sign. The histogram is red and is printing near the 0 level which shows that selling pressure could increase in the market.

Polkadot price analysis on a 4-hour price chart: Bearish divergence on the RSI

Polkadot price analysis on the 4-hour timeframe indicates bearish clouds as bulls stumble to stabilize prices above the $10.5 level. On the 4-hour chart, we can see that prices have corrected lower from the highs of $11.18 and have found support at around $10.5 levels. The recent rally has been driven by strong buying momentum as prices move higher. However, there are signs that the bulls are losing momentum as the RSI starts to move lower from the highs of 68.75.

image 253
DOT/USD 4-hour price chart, source: TradingView

The RSI indicator is currently at 58.39 and is showing signs of a potential bearish divergence as it moves lower from the highs of 68.75. This is a bearish sign and if the RSI breaks below 50, it could signal that prices could move lower in the near term. Bears are mounting pressure to bring in a selling action to curb the recent upsurge. The MACD indicator is currently in the bullish zone but is losing momentum as it starts to move lower. The Bollinger bands are however becoming narrower with the current price action which is a sign of reduced market volatility.

Polkadot price analysis conclusion

Polkadot price analysis reveals the market condition is in an indecisive state. The market bulls need to be careful as there are signs of a potential bearish divergence setting up on the RSI indicator. Prices need to move above the $10.8 level for the bulls to gain control of the market. The DOT/USD market is currently facing resistance at the $10.8 level and if prices can move above this level, it could signal that the bulls are back in control. However, if prices fail to move above this level, it could signal that the bears are back in charge and prices could move lower.

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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