Polkadot price analysis illustrates the prices in the last 24 hours have been hovering around the key support at $9.5.The bulls pushed the prices to $10.03 in yesterday’s closure of the daily chart before the selling pressure took control and prices fell to $9.5.The prices bounced back to $10 during the early hours of today but the buying pressure seems to be gaining traction as the prices have surged to $10.8 at the time of writing.
Polkadot price action in the last 24 hours: DOT prices consolidate before a breakout
The intraday DOT/USD chart above shows how the prices have been consolidating in a very tight range of $9.5-$10.03 in the last 24 hours before the breakout to $10.8. The candlestick body is very small which shows that the market participants are undecided about the direction of the market. The Bollinger Bands are also very tight which is a further confirmation of the consolidation. The Relative Strength Index is at 42 which is neither in the overbought nor oversold region.
The MACD shows that the bullish momentum is losing steam as the MACD line (blue) crosses below the signal line. The crypto pair still reports a gain of 2.45 percent over the last 24 hours and a loss of 10.17 percent over the past week. The trading volume has increased today by more than 86 percent. However, the market dominance has been noted to be 0.78 percent only as the digital asset ranks position 11 overall.
Polkadot price analysis: Technical indications
The 4-hour DOT/USD chart above shows that the prices have been following an uptrend since the beginning of this week. The prices found support at $6 and started to move higher as the bulls took control. The prices made two higher highs at $7.8 and $10 before falling to $9.5 yesterday. Today, the prices surged to $10.8 which is the current high.
The 50-day simple moving average has provided support to the prices as it dipped below this level. The 200-day SMA is currently well above the spot price and is expected to provide strong resistance in the near future. The RSI indicator is at 54 which shows that the market is neither overbought nor oversold. The market is likely to gain some volatility in the next few hours as the Bollinger bands are starting to bulge.
Polkadot price analysis conclusion
Polkadot price analysis shows the price is currently in a consolidation phase as the market participants are undecided about the next direction. The technical indicators are also signaling a lack of clear direction in the market. Hence, it is difficult to predict where the prices are heading in the near future. However, we expect DOT to continue upside for today if the market sentiment remains positive.
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