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Polkadot price analysis: DOT/USD is bullish for the next 24 hours

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis shows a bullish trend
  • DOT prices have sought support at $7.82
  • Key resistance for DOT/USD pair is seen at $8.46

Polkadot price analysis shows that the bulls have regained control and are looking to push prices higher in the near term. The market has been in a bullish mood since yesterday, with prices rising from $7.82 to $8.46. However, the price action is losing steam at this level and we may see some consolidation in the near term. Once the market settles, we expect the DOT/USD pair to resume its uptrend and target the $9.00 level.

On the downside, support is seen at $7.82 levels. A break below these levels could see prices head towards the $7.50 level. Overall, the outlook for DOT/USD is bullish for the next 24 hours. The bear tried to take control but failed. The bulls are now in charge and we expect prices to move higher in the near term.

Polkadot price analysis for one 1-day: Bulls continue to dominate as DOT/USD price nears $8.20

The Daily Polkadot price analysis shows that the price has increased by 5.48% since yesterday. The digital asset is currently trading hands at $8.20 after opening the day at $7.82. So far, the DOT/USD pair has hit a high of $8.46 and a low of $7.82 during the day. The market is currently in a bullish mood as the trading volume over the past 24 hours has been $364 million. The total market capitalization of DOT is currently $8,108,444,242, which is the 18th largest in the world.

image 365
DOT/USD 1-day price chart, Source: TradingView

Polkadot’s price analysis reveals the Relative Strength Index (RSI)  is currently at 61.8 which is in the bullish zone. The MACD is also in the bullish zone and is currently above the signal line. The MA’s are all pointing upwards, which is a bullish sign. The 24-hour DOT/USD chart shows that the bulls have regained control and are looking to push prices up in the next few days.

Polkadot price analysis on a 4-hour price chart: DOT is facing resistance at $8.46

The 4-hour DOT/USD chart shows that the bulls as regained control and are currently pushing prices towards the $8.46 resistance level, however, above this level lies the $8.60 and $8.70 levels which could act as strong resistance levels. On the downside, support is seen at the $7.82 level.

image 366
DOT/USD 4-hour price chart Source: TradingView

The market is currently in a bullish mood as evidenced by the RSI which is currently trading at 60.0 which is in the bullish zone. The MACD line is blue) is currently above the signal line (red) which is a bullish sign. The Moving average on the 4-hour chart is currently at $8.04 which is a bullish sign.

Polkadot price analysis conclusion

Polkadot price analysis shows that the market is currently in a bullish mood and we expect the DOT/USD pair to resume its uptrend and target the $9.00 level. Traders should look to buy DOT on dips towards the $8.00 level with a stop loss below $7.82. The target for this trade is $9.00level.The daily and hourly charts show that the bulls have regained control and are currently pushing prices higher. The technical indicators on the overall chart are currently bullish.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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