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Polkadot price analysis: DOT increases value by 8% after bullish movement

Polkadot price analysis: DOT increases value by 8% after bullish movement
TL;DR Breakdown
  • Polkadot price analysis is bullish today.
  • The strongest support is present at $6.49.
  • DOT trades at $7.59 at the time of writing.

Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In the last few days, the cost of DOT has received much positive attention and has increased to a significant degree. On July 17, 2022, the price suddenly increased from $7.03 to $7.26. However, the price started to gain further positive momentum the same day and regained a value of as much as $7.37. On July 18, 2022, the price saw massive highs and reached an all-day high of $7.61. However, the currency price of the cryptocurrency remains around $7.59.

Polkadot trades at $7.59 right now; Polkadot is up 7.24% in the last 24 hours, with a trading volume of $510,292,894 and a live market cap of $7,463,735,118. Polkadot ranks at #11 in the cryptocurrency.

DOT/USD 4-hour price analysis: Recent updates

Polkadot price analysis reveals the market volatility to follow an uncertain opening movement, which causes the DOT prices to become more susceptible to volatile change. As a result, the Bollinger’s band’s upper limit is $7.58, acting as the support point for DOT. Conversely, the lower limit of the Bollinger’s band is at $6.49, representing the strongest support of DOT.

The DOT/USD crosses over the Moving Average curve indicating a bullish movement in the market. Furthermore, due to the recent breakout, the price appears to move upwards with a strong possibility of retracing the resistance. The breakout has caused the volatility to increase as well significantly.

image 175
DOT/USD 4-hour price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 69, which falls in the inflation region. The RSI score follows an upward movement in the overvaluation region, signifying future inflation. The DOT/USD price has found an extremely high place within the market and has anchored itself there. The dominance of buying activity causes the RSI to increase.

Polkadot price analysis for 1-day

Polkadot price analysis reveals the market volatility to enter a slight upward movement; it’s beginning to increase as the resistance and support bands move apart. The cryptocurrency price will follow the volatility and become more susceptible to volatile change. The Bollinger’s band’s upper limit is $7.51, acting as a support point for DOT. The lower limit of the Bollinger’s band is present at $6.32, representing another support of DOT.

The DOT/USD price appears to cross over the Moving Average curve signifying a bullish movement. The price moves upward towards positive dynamics. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks. The price has crossed the resistance band and caused a breakout, and the volatility bands seem to pose a threat to the bulls.

image 177
DOT/USD 1-day price chart source: TradingView

Polkadot price analysis reveals the Relative Strength Index (RSI) to be 54, indicating that the cryptocurrency is stable. Polkadot falls in the upper-neutral region. However, its position is bound to change as the RSI score follows an upward movement indicating dominant buying activity.

Polkadot Price Analysis Conclusion

Polkadot price analysis concludes that the cryptocurrency packs massive potential for positive movement; however, for now, the market has broken, which will cause hindrances in the way of bulls.

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.

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Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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