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Polkadot price analysis: DOT enters bullish territory for the next 24-hours

Polkadot price analysis: DOT enters bearish territory for the next 24-hours
TL;DR Breakdown
  • Polkadot price analysis is bullish today.
  • Strongest resistance is present at $11.53.
  • Strongest support is present at $9.91.

Polkadot price analysis reveals a relatively positive approach today; the price has gained most of its lost value. In the last few days, the price of DOT has received much positive attention and has increased to a significant degree. On May 30, 2022, the price suddenly increased and went from $9.79 to $10.35. However, the price started to gain further positive momentum on the same day and regained a value of as much as $10.69. Today, on May 31, 2022, the price expects a decline and has reached an all-day high of $10.63. However, the currency price of the cryptocurrency remains around $10.10.22.

Polkadot trades at $10.22 right now; Polkadot is up 1.16% in the last 24 hours, with a trading volume of $669,390,415 and a live market cap of $10,127,105,695. Polkadot ranks at #11 in the cryptocurrency, with a circulating supply of 987,579,315 DOT coins.

DOT/USD 4-hour price analysis: Recent updates

Polkadot price analysis reveals the market volatility to follow an uncertain closing movement, which causes the DOT prices to become less susceptible to volatile change. As a result, the upper limit of the Bollinger’s band is present at $10.77, acting as the strongest resistance for DOT. Conversely, the lower limit of the Bollinger’s band is present at $9.19, which represents the strongest support of DOT.

The DOT/USD crosses under the Moving Average curve indicating a bearish movement in the market. However, due to the recent breakout, the price appears to move downwards with strong bearish dynamics, declining the price of the cryptocurrency simultaneously with the downward movement.

image 608
DOT/USD 4-hour price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 56, which falls in the upper-neutral region. The RSI score follows a downward movement in the stable region, signifying unfaltering stability. The DOT/USD price has found a stable place within the market and has anchored itself there. However, if the price declines too much, it will enter the undervalued region, which might prove to be fatal for the cryptocurrency. The equivalence of selling and buying activity causes the RSI to remain dormant.

Polkadot price analysis for 1-day: Market enters a squeeze

Polkadot price analysis reveals the market volatility to enter a squeezing movement; it’s become so low as the resistance, and support bands come closer. The cryptocurrency price will follow the volatility and become less susceptible to volatile change. The upper limit of the Bollinger’s band is present at $11.53, acting as the strongest resistance for DOT. The lower limit of the Bollinger’s band is present at $8.63, representing the strongest support of DOT.

The DOT/USD price appears to cross over the Moving Average curve signifying a bullish movement. The price moves upward towards the resistance band, attempting to break it. If the resistance breaks, the movement is expected to shift to a downward movement with bursts of volatility. The expected breakout could prove to be a good thing for the bears as they will have every chance to strike back and take the market completely. However, that would be a worst-case scenario in regards to the price of the cryptocurrency.

image 609
DOT/USD 1-day price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) to be 43, indicating that the cryptocurrency is stable. Polkadot falls in the lower-neutral region. However, its position is bound to change as the RSI score follows a downward movement indicating dominant selling activity and a declining movement.

Polkadot Price Analysis Conclusion

Polkadot price analysis concludes that the cryptocurrency packs massive potential for positive movement; however, for now, the market is stuck with a declining movement causing hindrances for the bulls. The price is on the declining side as of now.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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