Polkadot price analysis shows that the value has started today’s session on a bullish note as it rises to the $6.35 mark. The value is currently testing the resistance at $6.42, and a breakout above this level could see DOT/USD increase towards the $7.00 mark. On the other hand, if the price fails to break out above $6.42, it could retrace back towards the $6.12 support level. The market has been quite volatile over the past few days as the bulls and the bears battle for control of the market. The value had recently dipped below the $7 mark but quickly recovered as the buyers entered the market.
The digital asset is currently trading at $6.35, and it is up by more than 0.67% at the time of writing as the market continues to surge higher. Looking at the market capitalization, it is evident that the market has recovered from the sell-off as it stands at $7,109,097,381 and the trading volume is sitting at $307,019,129.
Polkadot price analysis for 1-day: Prices in a bullish trend
The daily chart for the Polkadot price analysis shows that the value has been following an ascending channel last 24 hours. The price had dipped below this channel in the last few days but quickly recovered as the bulls entered the market. The value is likely to make a move towards the $7.60 resistance level in the coming hours as the bulls gain momentum and push for a breakout above this level.
The 24-hour MA50 and MA200 are both sloping upwards, indicating that the path of least resistance is towards the upside. The MACD is also in the bullish territory as the signal line crosses above the histogram. The RSI indicator is currently at 46.53 which shows that there is still some room for the value to increase before it becomes overbought.
Polkadot price analysis on a 4-hour price chart: Bullish trend helps increase coin price to $6.35
The 4-hour Polkadot price analysis indicates an increase in price after the return of the bullish side. The bullish momentum has resulted in the price going up to its current value, which is $6.35. However, the price has been corrected again during the last four hours. But the decrease is small, and the trend may reverse in favor of bulls soon as the bullish progression has been quite aggressive today.
The technical indicator on a 4-hour timeframe is in the buyer’s favor as moving averages are sloping upwards. The 50 MA is at $5.93, and the 200 MA is placed at $5.68. The Relative Strength Index (RSI) is moving upwards towards the center of the neutral region at index 48.63. The MACD is in bullish territory as the price is trading above the signal line.
Polkadot Price Analysis Conclusion
The price is headed up once again, as it has been confirmed from the one-day and four hours Polkadot price analysis. The price has followed an upward movement today because of the bullish trend dominating the market. As bulls have been in the driving seat for the past 24 hours, a correction may appear in the coming hours if bears show any activity. But if the buying momentum continues, then DOT may continue upside above the $7.00 mark.
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