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Polkadot price analysis: Bullish spell drives XTZ prices to $8.12

Polkadot price analysis
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Cryptocurrencies prices heatmap, source: Coin360

Recent Polkadot price analysis shows that the cryptocurrency is in a bullish trend as it surged by 6.67% over the last 24-hour trading period. The DOT/USD pair has been on an uptrend for the last 24 hours as it trades at $8.12 at press time. Resistance for the pair is seen at $8.14, however, a breakout above this level could see the pair target $8.40 and $8.60 levels in the near term. while the support levels are seen at $7.48, a breakout below this level could see the pair target $7.20 and $6.80 levels in the near term.

The digital asset has been on a tear in recent times as it surged by over 50% since hitting lows of $5.32 on March 25. The cryptocurrency is currently trading at $8.12 at press time and is up by 6.67% over the last 24 hours and market cap of $8,028,889,878 billion while the 24-hour trading volume for the DOT/USD pair is $479,617,773.

Polkadot price analysis for one 1-day: Bulls continue to dominate as DOT/USD price nears $8.12

The daily chart for 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 previous few days but quickly recovered as the bulls entered the market. The support for 1-day value is present at $7.48 while the resistance is present at $8.14.However, the bulls are likely to make another attempt to push prices higher in the near term.

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DOT/USD 1-day price chart source: TradingView

The technical indicator Relative Strength Index (RSI) is currently at 62.33 which indicates that the market still has some room to move higher. The MACD also shows that the bulls have the upper hand as the signal line is above the histogram. The moving averages are also in favor of the bulls as the 50-day Simple Moving Average (SMA) is above the 200-day SMA.

Polkadot price analysis on a 4-hour price chart: DOT is facing resistance at $8.14

On 4-hour Polkadot price analysis shows that the price is currently consolidating around the $8.12 level as the bulls look to take control of the market. The prices are in a consolidating state as the market looks to find its next direction. The market is currently facing some buying pressure at the $8.14 level, which is likely to provide some support in the near term. The market looks to be in a slightly bullish trend as prices have been trading above the $7.48 support level.

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DOT/USD 4-hour price chart source: TradingView

The Four-hour Moving Average Convergence Divergence (MACD) is moving in a bullish direction as the signal line is moving above the histogram. The Relative Strength Index (RSI) is currently at 64.01 and looks to be nearing the overbought territory, which could see some selling pressure enter the market in the near term. The MA’s are currently in favor of the bulls as the 50-day SMA is above the 200-day SMA.

Polkadot price analysis conclusion

To conclude Polkadot price analysis, the market looks to be in a bullish trend as prices have been trading above the $7.48 support level. The market is currently facing some buying pressure at the $8.14 level, which is likely to provide some support in the near term. The buyers should look to take control of the market if they can push prices above the $8.14 level and target the $8.40 and $8.60 levels in the near 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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