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Polkadot price analysis: Bullish momentum revives DOT/USD value up to the $7.50 mark

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis is bullish today
  • The strongest resistance is present at $7.60
  • Support for DOT/USD is present at $6.97

Polkadot price analysis shows that the value has started today’s session on a bullish note as it highs up to the $7.50 mark. The value is currently testing the resistance at $7.60, and a breakout above this level could see DOT/USD increase towards the $8 mark. On the other hand, if the price fails to break out above the $7. While Support is present at $6.97 support. The market has been quite volatile over the past few days as the bulls and the bears battle for control of the market. The value had recently dipped below the $6 mark but quickly recovered as the buyers entered the market.

The digital asset is currently trading at $7.45, and it is up by more than 4% over the past 24 hours as the market continues to surge higher. Looking at the market capitalization, it is evident that the market has recovered from the sell-off as it stands at $7,471,258,884 and the trading volume is sitting at $451,337,569.

Polkadot price analysis for 1-day: Prices in a bullish trend

The daily chart for the Polkadot price analysis shows that the value has been following an ascending channel last 24 hours. The price had dipped below this channel in the last few days but quickly recovered as the bulls entered the market. The support for 1-day value is present at $6.97 while the resistance is present at $7.60. The value is likely to make a move towards the $7.60 resistance level in the coming hours as the bulls gain momentum and push for a breakout above this level.

image 298
DOT/USD 1-day price chart source: TradingView

The 24-hour MA50 and MA200 are both sloping upwards which indicates that the path of least resistance is towards the upside. The MACD is also in the bullish territory as the signal line crosses above the histogram. The RSI indicator is currently at 58 which shows that there is still some room for the value to increase before it becomes overbought.

Polkadot price analysis on a 4-hour price chart: DOT/USD support is present at $6.97

The 4-hour Polkadot price analysis indicates an increase in price after the return of the bullish side. The bullish momentum has resulted in the price going up to its current value, which is $7.50. However, the price has been corrected again during the last four hours. But the decrease is small, and the trend may reverse in favor of bulls soon as the bullish progression has been quite aggressive today.

image 297
DOT/USD 4-hour price chart source: TradingView

The technical indicator on a 4-hour timeframe is in the buyer’s favor as both moving averages are sloping upwards. The RSI is currently at 54 and looks like it has space to increase further. MACD is following a bullish crossover, and the signal line is above the histogram.

Polkadot Price Analysis Conclusion

Polkadot price analysis reveals that the bulls are currently in control of the prices and are likely to push prices higher in the near term. Prices are expected to find strong resistance at $7.60, but a break above this level could see DOT/USD move towards $8 in the near term. On the downside, support lies at $6.97 a level, and a break below these levels could see prices retrace towards the $5 level in the short term.

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.
joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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