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Polkadot price analysis: DOT to overcome $7.71 resistance for further up move

Polkadot price analysis: DOT to overcome $7.71 resistance for further up move
TL;DR Breakdown
  • Polkadot price analysis is in favor of the bullish side.
  • Resistance for DOT/USD is present at $7.71.
  • Support for DOT/USD is present at $7.44.

The Polkadot price analysis is going strong for the bulls. The latest updates show that the price has increased up to $7.59, which is a great improvement considering the past trends. There is an imminent possibility that the price levels can cross the resistance found at $7.71 in the near future. There has been seen a rise in the price today, with a sudden appearance of a bullish candlestick which is a hopeful sign for the buyers.

DOT/USD 1-day price chart: DOT reports a minimal 0.76 percent increase in value

The 24-hour Polkadot price analysis is informing us of the building bullish momentum. The price levels have unexpectedly improved to $7.59 after a slow recovery was observed on 21 August 2022. The bullish efforts have taken the price levels near the Moving Average (MA) value, i.e., $7.63. Due to the bullish price movement, the coin is now reporting a 0.76 percent increase in value which is low but on the positive side. On the other hand, the coin is still at a loss of 10 percent for the past week. The trading volume has decreased by 23.83 percent today.

DOT 1i
DOT/USD 1-day price chart. Source: TradingView

The volatility is also on the increasing side, which is a positive signal for the buyers. The Bollinger bands seem to be expanding, and the upper Bollinger band has reached the value of $9.97, representing the resistance, whereas the lower band has reached $6.84 of value representing the support. Moreover, the Bollinger band average is forming at $8.40, as seen from the chart.

The Relative Strength Index (RSI) score, on the other hand, is hovering at index 43; as the past days have been supportive for the bulls, a slight recovery in RSI levels was observed. But today, its horizontal movement hints at a lack of momentum from either side of the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis that the cryptocurrency progress is hinting at slightly positive price movement, which has resulted in improvement in the coin value. The most recent analysis shows that the price has increased to $7.59 after overcoming a loss in the last hour. The bullish trend may get stronger as the price has crossed the mean value, moving average (MA), which is at $7.48. The future does not bring surety for the bulls, as the Bollinger bands are expanding at a very slow rate.

DOT 4n
DOT/USD 4-hours price chart. Source: TradingView

The Bollinger bands values for today are as follows; the upper band is present at $7.81, and the lower band is currently present at $7.13. The RSI curve is also flattening, and the score is fixed at index 51 in the 4-hour price chart.

The technical indicators for today are still showing an inclination towards the sellers’ side. There has been strong pressure created from the sides of bears, as the summary states that 14 indicators are on the selling side, 10 on the neutral, with only two on the buying side. The Moving Averages indicators are also showing a strong bearish signal, with 13 indicators at the selling position, one at the neutral, and one present at the buying position.

Polkadot price analysis conclusion

In the Polkadot price analysis, it is evident that the bulls are striving to regain their strength after going through a major loss. The cryptocurrency price levels have climbed up to $7.59 today, and there are encouraging signs present for the buyers to step in. The resistance spotted at $7.71 can be overcome easily if the price levels keep rising at their current pace. This can only be possible if the bulls continue their journey and keep the support levels to $7.44 for better outcomes.

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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