Polkadot price analysis: DOT reclaims $7.29 as bullish momentum stimulates

Polkadot price analysis: DOT reclaims $7.29 as bullish momentum stimulates
TL;DR Breakdown
  • Polkadot price analysis shows a bullish trend.
  • Support level goes up to $6.66, as per the latest analysis.
  • Resistance is present at $7.31, followed by $8.10.

The up-to-date Polkadot price analysis is showing a heightening momentum from the bullish side. The price levels have covered an upwards range, as the bullish momentum has proved to be quite steady. The price levels have returned to $7.29, their former high, causing the bearish control to collapse for the moment. The support levels are also rising above $6.66 and may reach a new height soon if the bullish momentum strengthens even further.

DOT/USD 1-day price chart: DOT gains nearly 10 percent overnight

The 1-day Polkadot price analysis is displaying encouraging signs for the buyers and motivating them to further add to the asset value. Despite the previous week experiencing a downfall in price levels, the latest trends have proved positive for cryptocurrency. DOT price has reached $7.29 at the time of writing, gaining 9.95 percent value during the last 24 hours.

In the past week, bearish superiority was observed, yet today, a commendable rise in price has happened as the coin is challenging the $7.31 resistance. This value is quite higher than the moving average (MA), which is $6.82.

dot 1 gas
DOT/USD 1-day price chart. Source: Tradingview

The Relative Strength Index (RSI) score has also improved and has successfully attained the value of 50. Yet, the volatility is decreasing, and the Bollinger bands average has also reduced to $6.92, which is a negative indication for the future as per Polkadot price analysis. If we talk about the Bollinger bands values, then the upper band is present at $7.49, representing resistance, whereas the lower band is present at $6.35 at the time of writing.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows that the cryptocurrency has encountered a bearish strike and has succeeded in breaking above the $7.19 level. The SMA 20 curve has also reached a new height, and the Bollinger bands average has increased up to $6.78. The gap between Bollinger bands is widening, which is an indicator of increasing volatility and the future probability of bullish momentum taking over.

dot 4houj
DOTUSD 4-hours price chart. Source: tradingview

The Bollinger bands are expanding, with the upper band going to $7.29, and the price has shooted past above it. In contrast, the lower band is present at the $6.28 mark. The RSI score is also increasing and is currently at index 68, just near the border of the overbought region.

The past week has proved very crucial for both the bulls and the bears, as both have showcased their strengths, but the current trend is going bullish for the cryptocurrency.

Polkadot price analysis: Conclusion

From the Polkadot price analysis, it is evident that the bulls are taking the lead again. The momentum has been huge and has swept past the bears with a surprising rise in price, taking the value to $7.29.

Despite the disappointing results in the past hours, currently, the price levels are jumping at a magnificent level, as the support has also increased to $6.66. If the support level is maintained, then cryptocurrency may reach a new high above the resistance, i.e., $7.31.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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