Polkadot price analysis: DOT/USD set to break above the $9 resistance soon

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis shows a bullish trend.
  • DOT/USD is currently trading at $7.94.
  • Key resistance for DOT/USD pair is seen at $9.

Polkadot price analysis shows a bullish trend DOT/USD is currently trading at $7.94. Key resistance for DOT/USD pair is seen at $9. The overall cryptocurrency market has been on a roll since the start of April, and Polkadot (DOT) is no exception. Following a prolonged period of consolidation below the $5-level, DOT finally broke out to the upside in early April and has been on a tear ever since. As of writing this, DOT/USD is trading at $7.94, up more than 30% from its lows around $6. At first glance, it would appear that DOT’s recent price action is nothing more than a continuation of the broader uptrend that has been in place since the start of the year.

DOT/USD 4-hour chartDOT/USD daily chart the daily chart, we can see that Polkadot’s price has surged higher following a period of consolidation around the $6.40 level. The push higher has seen DOT prices move above their 200-day moving average (MA) for the first time since March 15th as well as reclaiming the $7.50 level of resistance which had previously been acting as support.The next key area of resistance for DOT/USD is seen at the $9 level, with a move above this level opening up the possibility of a move towards $10 and beyond in the near

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

The Daily Polkadot price analysis reveals that the price has risen by 5.48 percent in the last 24 hours. The digital asset is presently changing hands for $8.20, having opened the day at $7.82. So far, throughout the day, the DOT/USD pair has reached a high of $8.46 and a low of $7 on several occasions during this period. As of writing, the 24-hour trading volume is $1.65 billion, and the market capitalization has increased to $7.18 billion.

image 370
DOT/USD 1-day price chart, Source: TradingView

The RSI indicator has entered into overbought territory, which could see some selling pressure emerge in the coming hours or days. On the other hand, the Awesome Oscillator indicator is still printing green bars, signifying that buying momentum remains strong at present.

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

The 4-hour DOT/USD chart indicates that the bulls have reclaimed control and are pushing to test the $8.46 resistance level, but there are several strong barriers ahead of them: $8.60 and $8.70. On the downside, support is located at the $7.82 level.

image 371
DOT/USD 4-hour price chart SourceTradingView

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

The price of Polkadot has been on the rise for a long time, and we think it will continue its ascent and reach $9.00. On dips towards the $8.00 mark, purchasers should aim to buy DOT at market lows with a stop loss set below $7.82. The objective for this trade is $9.00, as seen on the daily and hourly charts. The bulls have reclaimed control on both the daily and hourly charts, and they are presently pushing prices upward again.

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.

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