Polkadot price analysis: Can the bulls break past $8.00?

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis suggests a rejection at the $8.00 mark followed by a downwards movement
  • The closest support level lies at $7.14
  • DOT faces resistance at the $7.81 mark

The Polkadot price analysis shows that DOT has climbed above the $7.70 mark and approaches the $8.00 level as strong bullish movements guide the price action across the daily charts.

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ETH and SOL, recording an 8.08 and a 7.36 percent incline, respectively.

Polkadot price analysis: DOT climbs above $7.70

Polkadot price analysis: Can the bulls break past $8.00? 1
Technical indicators for DOT/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows strong bullish momentum as expressed in the height of the histogram. Furthermore, the dark shade suggests an increasing momentum as the buying pressure continues to increase in recent hours, with DOT approaching the $8.00 mark

The EMAs are currently trading high above the mean position as net price movement over the last seven days remains positive. However, as the markets observe selling activity, the EMAs show signs of a bearish convergence, with the 12-EMA moving downwards to reflect the recent price movements.

The RSI was trading at a high position yesterday as the bulls broke above the $7.50 mark with a sharp movement. However, the index dropped to the 60.00 level for a short while before climbing back to the 65.00 index unit level, where it currently hovers. At press time, the indicator moves horizontally, suggesting low pressure from either side, while its high position shows bullish dominance with low room for further upwards movement. 

The Bollinger Bands have been wide for the last couple of days as the price volatility continued to increase. Today, the bands continue to diverge as the price breaks above the upper limit of the indicator.  Currently, the indicator’s mean line provides support at the $7.14 mark, while the upper limit acts as a resistance level at the $7.81 price level. 

Technical analyses for DOT/USDT 

Overall, the 4-hour Polkadot price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, only one of the indicators supports the bears showing a low bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Polkadot price analysis share this sentiment and issues a buy signal with 111 indicators suggesting an upwards movement against five indicators suggesting a downwards movement. The analysis shows the bullish dominance across the mid-term charts while showing significant selling pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Polkadot price analysis?

Polkadot price analysis: Can the bulls break past $8.00? 2
4-hour price chart by Tradingview

The Polkadot price analysis shows that after rejection at the $9.00 mark, the bulls were crushed by the bears, and the price fell to the $6.00 mark. However, since then, the price action has made multiple attempts at recovery, only to fail at around $8.50 or below. 

Currently, the price finds support at the $7.14 and moves towards the $8.00 mark, but can it break past the resistance levels to reach past heights?

Traders should expect DOT to move to the $8.00 mark before being rejected as the bullish momentum dwindles across the short-term charts. While the mid-term technicals are bullish, the short-term charts observe a different situation as the bearish pressure continues to increase around the $8.00 level.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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