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Polkadot price analysis: DOT/USD pair set to break above $10 resistance

POlkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis is bearish.
  • DOT/USD found support at $9.0.
  • Polkadot intraday highs are $9.62.

Polkadot price analysis is bearish in the short term. DOT price has been on a downtrend over the past few days as it corrected lower from the $10.50 highs. The coin found support at $9.0 and bounced higher, but there was not enough buying pressure to push DOT above $10.

Polkadot‘s (DOT) price is bearish from a top-down approach. The cryptocurrency found support at $9.0 but has struggled to maintain any upside momentum.

Highs of $9.62 were reached on the intraday charts, but Polkadot was quickly rejected and pulled back below $9.5. A move below $9.4 would invalidate the uptrend and open up DOT/USD to move towards $8.0.

DOT/USD 4-hour price analysis: Slight bullish momentum

Looking at the 4-hour Polkadot price analysis chart, Polkadot has found some buying pressure around the $9.4 level and is currently attempting to move above the $10.0 level. On the flip side, if Polkadot can hold above $9.4 and move back above $10.0, it could attract further buying pressure and target fresh all-time highs.

dot usd 1d
Source: TradingView

The RSI is turning higher from the oversold territory but still has room to move before it becomes overextended. The MACD is also on the verge of a bullish crossover, which could provide some additional upside momentum.

If DOT/USD can move above the $10.0 level, it could target the $11.0 level. Above this, further resistance is found at the $12.0 and $13.0 levels.

On the other hand, if Polkadot fails to hold above the $9.4 level, it could decline towards the $8.0 support level once again.

DOT/USD daily price analysis: Prices retest support at $9.5

Polkadot price analysis is bearish from a top-down approach. DOT/USD found support at $9.5 but has struggled to make any significant upside progress. A move below $9.4 would invalidate the uptrend and open up DOT/USD to move towards $8.0. On the flip side, if Polkadot can hold above $9.4 and move back above $10, it could target fresh all-time highs.

dot usd 1h
Source: TradingView

The Bollinger bands are wide and expanding, indicating that volatility is on the rise. The Ichimoku Cloud is bullish, but prices are currently trading below the cloud. The Awesome Oscillator is bearish but has started to turn higher.

Polkadot is likely to continue struggling to make any significant upside progress in the short term. A move below $9.4 would invalidate that Polkadot’s price is bearish from a top-down approach. The cryptocurrency found support at $9 but has struggled to maintain any upside momentum.

Highs of $9.62 were reached intraday, but Polkadot was quickly rejected and pulled back below $9.5. A move below $9.4 would invalidate Polkadot’s (DOT) price is bearish from a top-down approach. The cryptocurrency found support at $9 but has struggled to maintain any upside momentum.

Polkadot price analysis conclusion

The overall Polkadot price analysis DOT/USD is bearish from a top-down approach. Prices found support at $9 but have struggled to make any significant upside progress. A move below $9.4 would invalidate the uptrend and open up DOT/USD to move towards $8.0.

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.
Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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