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Polkadot price analysis: DOT bulls struggle to maintain $9.6

Polkadot price analysis: DOT bulls struggle to maintain $9.6
TL;DR Breakdown
  • Polkadot price analysis shows a bearish hindrance ahead.
  • Resistance for DOT/USD is present at $10.1.
  • Support for DOT/USD is present at $8.4.

The Polkadot price analysis shows that the bears are trying to breach the bullish momentum. The coin has been recovering well since yesterday, but bears halted the upwards price movement today and devalued the coin down to the $9.4 level at the start of the trading session. However, bulls are putting in their efforts as the price function has been headed upwards for the last 12 hours as bulls are trying to divert the trend in their favor. The price has been recovered up to $9.7 at the moment after gaining significant value during the last couple of hours.

DOT/USD 1-day price chart: Dot bulls try to recover the price value

The 1-day Polkadot price analysis shows DOT is in sideways price movement, as the cryptocurrency is trading hands at $9.7 at the time of writing. The crypto pair reports an increase in value by 2.9 percent over the last 24 hours, but the cryptocurrency also reports a decrease in price value by a little more than five percent over the course of the past seven days. The market cap also increased by 3.1 percent overnight, but the trading volume decreased by 52 percent for the same time period, resulting in market dominance of 0.77 percent.

DOTUSD 1 day price chart 2022 05 291
DOT/USD 1-day price chart. Source: TradingView

The volatility for DOT/USD pair is mild, as the Bollinger bands have narrowed down. The upper band has been maintained at the 11.6 mark, as it represents resistance for DOT, and the lower band is present at the $8.4 mark representing support for DOT. The mean average of the indicator is present at the $10 mark above the price level. The Relative strength index (RSI) is trading at a horizontal line at index 39, indicating the lack of momentum from either side of the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the coin faced some resistance at the start of today’s trading session, as the price breakout was downwards and bears caused quite some damage to the price value. The price function was rejected from further upside around the $9.6 range. However, bulls managed to make a breakthrough, and the coin recovered in the next 12 hours towards the $9.7 range, and the bulls are continuing the upside at the moment.

dotusd 4 hour price chart 2022 05 291
DOT/USD 4-hours price chart. Source: TradingView

The volatility is mild for DOT on the 4-hour chart, as the Bollinger bands aren’t converging anymore. The upper band is at the $9.8 mark, representing resistance for the coin, and the lower band is at the $8.8 mark, and the average of Bollinger bands is $9.3 level below the price. The moving average (MA) has also traveled up and is present at the $9.4 mark, which is also below the price level. The relative strength index (RSI) is trading in the upper half of the neutral region at index 53, and the curve of the indicator is still upwards, which hints at buying activity in the market.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin is struggling to maintain its price levels, but the price oscillations may slow down now as the volatility is mild and the coin’s price function has reached $9.7. Above this, a few resistance levels have been laid by the bearish side, so the cryptocurrency may face resistance. We expect DOT to close near the $9.7 range today; however, slight deviations are also possible.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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