logo

Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend

Polkadot price analysis 5 2
TL;DR Breakdown
  • Polkadot price analysis is bullish today.
  • DOT/USD pair is currently trading at $8.18.
  • The closest resistance is found at $9.

Today’s Polkadot price analysis shows that the DOT/USD pair is trading in a bullish trend above the $8.00 level. The recent high was at $8.36, and the price has corrected below $8.30. It is currently trading near the $8.18 level, close to the 23.6% Fib retracement level of the recent wave from the $7.51 low to $8.36 high. On the downside, there are many supports near the $7.90 and $7.80 levels, below which the price is likely to test $7.60 in the short term. Overall, the DOT/USD pair will likely resume its upward move towards $9.00 and $10.00 if it breaks the $8.30 resistance level.

Polkadot price analysis for one 1-day: Bulls continue to dominate as DOT/USD price nears $8.5

The value of Polkadot has been following an ascending channel for the past 24 hours, as shown by the daily chart. The price fell below this channel for a few days before quickly recovering as the bulls entered the market. The support level for a one-day value is $7.48, whereas the resistance level is $9. However, soon, the bulls are likely to make another attempt to increase prices.

image 353
DOT/USD 1-day price chart source: TradingView

The current trend is to the upside, with a Relative Strength Index (RSI) of 62.33, which indicates that the market has yet further room to rise. The MACD also suggests that the bulls have the upper hand, with the signal line above the histogram. The bulls are also in control since the 50-day Simple Moving Average (SMA) is above the 200-day SMA.

Polkadot price analysis on a 4-hour price chart: Bullish winds prevail

On a 4-hour Polkadot price analysis, the price is presently consolidating around $8.12 as the bulls seek to take control of the market. The prices are consolidating as the market searches for its next path. There is some buying pressure at the $8.14 level, which will likely provide support in the near term. As prices have been trading above $7.48, the market is in a bullish trend.

Polkadot price analysis
DOT/USD 4-hour price chart source: TradingView

The RSI is above 60, suggesting that the bulls are in market control. The MACD is also bullish as the signal line is above the histogram. The 50-day SMA is also above the 200-day SMA, which indicates that the market is in a long-term uptrend.

Polkadot price analysis conclusion

In conclusion, today’s Polkadot price analysis shows that DOT/USD pair is trading in a bullish trend above the $8.00 level. The recent high was at $8.36, and the price has corrected below $8.30. It is currently trading near the $8.18 level, which is close toOT/USD is currently trading at $8.18 and is facing resistance at $8.14. The market looks set to resume its upward move towards $9.00 and $10.00 if it breaks the $8.30 resistance level.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Related News

Hot Stories

Polkadot price analysis: DOT set to face yet another rejection below $1
Avalanche price analysis: AVAX spikes to $25.9
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin, Binance Coin, Polkadot, and Polygon Daily Price Analyses – 6 August Morning Price Prediction
Uniglo (GLO), Convex Finance (CVX) And Synthetix (SNX) Show Great Gains Come From Solid Concepts

Follow Us

Industry News

Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund
Amidst Thailand crypto wobble, SEC continues to ok exchanges