Polkadot price analysis: Bullish momentum revives,DOT/USD value up to the $6.80 mark

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis shows a bullish trend
  • DOT prices have sought support at $6.65
  • Key resistance for DOT/USD pair is seen at $6.91
image 22
Cryptocurrencies price heatmap, Source: Coin360

Polkadot price analysis reveals a relatively positive approach today. The DOT/USD market has revived towards the $6.80 mark as the bulls push prices higher. Polkadot‘s recent bullish momentum may have been responsible for this surge in value, but there are still some bearish factors at play. The resistance for DOT/USD at $6.91 is critical for a further advance while the support at $6.65 needs to hold to avoid a drop back down to test the $6.50 level again. The trading volume is at $426,387,991 while the market cap is sitting at $426,387,991. Polkadot is up by over 4% in the last 24 hours as it looks to continue its bullish trend from yesterday.

Polkadot price analysis for one -day: Bulls continue to dominate as DOT/USD price nears $6.80

The daily Polkadot price analysis reveals a relatively positive approach from the bulls today as prices push above the 6 levels. The market has been in a strong uptrend since yesterday as Prices are currently testing the key $6.91 resistance and prices retest the $6.50 support. The market is currently trading at around $6.80 as the bulls look to continue their push higher.

image 21
DOT/USD 1-day price chart, Source: TradingView

The Relative Strength Index (RSI) is currently sitting at around 57.25 which indicates that the market has room to move higher before it becomes overbought. The MACD is currently in a bullish trend as the signal line crosses above the histogram. The 50-day moving average is currently sitting at $6.42 while the 200-day moving average is at $4.71, both of which indicate a strong bullish trend in the market.

Polkadot price analysis on a 4-hour price chart: DOT is facing resistance at $6.91

Polkadot price analysis on a 4- hour reveals that the market volatility has increased as prices fluctuate between the $6.65 and $6.91 marks. The market is currently testing the key $6.91 resistance which needs to be broken for a continuation of the bullish trend. Prices are currently being supported by the 50-hour moving average at $6.65 while the 200-hour moving average is sitting at $6.54.The RSI is currently at 58.75 which is above the 50 levels, indicating that the market has room to move higher. The MACD indicator is following a similar trend as the RSI as the signal line crosses above the histogram.

image 20
DOT/USD 4-hour price chart, Source: TradingView

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 a slight price movement. The market in the next few hours may be subdued as the bulls and the bears battle for control.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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