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Polkadot price analysis: DOT spikes above $8 after strong bullish comeback

Polkadot price analysis: DOT spikes above $8 after strong bullish comeback
TL;DR Breakdown
  • Polkadot price analysis is bullish today.
  • The strongest resistance is present at $10.24.
  • Polkadot trades at $8.09 at the time of writing.

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 June 20, 2022, the price suddenly increased and went from $7.17 to $7.93. However, the price started to gain further positive momentum on the same day and regained a value of as much as $8.00. On June 21, 2022, the price has seen massive highs and reached an all-day high of $8.20. However, the currency price of the cryptocurrency remains around $8.09.

Polkadot trades at $8.09 right now; Polkadot is up 7.54% in the last 24 hours, with a trading volume of $540,317,210 and a live market cap of $8,041,429,869. Polkadot ranks at #11 in the cryptocurrency.

DOT/USD 4-hour price analysis: Recent updates

Polkadot price analysis reveals the market volatility to follow an uncertain opening movement, which causes the DOT prices to become more susceptible to volatile change. As a result, the Bollinger’s band’s upper limit is $8.33, acting as the strongest resistance for DOT. Conversely, the lower limit of the Bollinger’s band is at $6.41, representing the strongest support of DOT.

The DOT/USD crosses over the Moving Average curve indicating a bullish movement in the market. Furthermore, due to the recent breakout, the price appears to move upwards with a strong possibility of retracing the resistance.

image 303
DOT/USD 4-hour price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 63, which falls above the upper-neutral region. The RSI score follows a linear 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. The equivalence of selling and buying activity causes the RSI to remain dormant.

Polkadot price analysis for 1-day

Polkadot price analysis reveals the market volatility to enter a downward 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 Bollinger’s band’s upper limit is $10.24, acting as the strongest resistance for DOT. The lower limit of the Bollinger’s band is present at $6.44, 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 positive dynamics. It seems that the bulls have claimed the markets for themselves and are on their way to maintaining this dominion for the next few weeks. The price is anchored in a safe place and the volatility bands don’t seem to pose a threat to the bulls; if they play their cards right, they might just end up with a long-term regime.

image 304
DOT/USD 1-day price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) to be 44, 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 an upward movement indicating dominant buying activity.

Polkadot Price Analysis Conclusion

Polkadot price analysis concludes that the cryptocurrency packs massive potential for positive movement; however, for now, the market is stuck and expected to break, which might cause hindrances in the way of bulls.

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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