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Polkadot price analysis: DOT stabilizes at $6.42 after a bullish run

Polkadot price analysis

Recent Polkadot price analysis shows that cryptocurrency has been on a bullish trend for the last 24 hours. After breaking out of the symmetrical triangle pattern, DOT/USD prices soared to new all-time highs at $6.47. Currently, the price is trading at $6.43 and looks to be building bullish momentum for another leg up. The Resistance for DOT is seen at $6.47 and a break above this level could see prices rally to the $7.00 level. While the support for DOT/USD is seen at $6.28 a drop below this level could see prices retest the $5.00 support.

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Cryptocurrencies price heat map, Source: Coin360

The digital asset has increased by more than 0.19 percent in the last 24 hours and the market capitalization has increased to $7,205,729,519. The 24-hour trading volume is currently at $274,176,229.

Polkadot price analysis 1-day price chart: Bulls continue to dominate as DOT/USD price nears $6.42

The 1-day Polkadot price analysis chart shows that the cryptocurrency has been on an uptrend for the last few hours. The market has made higher highs and higher lows, which is a bullish sign. The price opened at $6.27 and has slowly risen to its current price of $6.42 mark which is near the all-time high price.

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DOT/USD 1-day price chart Source: TradingView

The Polkadot Prices have also managed to stay above the 50-day simple moving average, which is a bullish sign as 200-day SMA stays well above the current market price. The Relative Strength Index is currently at 38.76 and looks set to enter the overbought territory, which could see prices retrace in the short term. The EMA ribbons have also started to converge, which is a sign that the bulls are losing their momentum.

Polkadot price analysis on a 4-hour price chart: DOT/USD is facing resistance at $6.47

The 4-hour chart for Polkadot price analysis shows that the prices have been following an ascending channel formation since the start of today. The recent breakout above the channel has seen prices surge to new all-time highs. The bears and bulls are currently battling for control around the $6.47 level, which is the key resistance level for the DOT/USD pair.

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DOT/USD 4-hour price chart Source: TradingView

The 50 EMA is currently at $6.41 and is below the current market price, which is a bullish sign. The 200 EMA is also well above the current market price at $6.47, which is another bullish sign. The RSI indicator is currently in bullish territory and looks set to make a crossover in the coming hours. The 50 SMA and 200 SMA are moving in the same direction, which is a bullish sign.

Polkadot price analysis conclusion

To conclude, the recent Polkadot price analysis shows that cryptocurrency has been on a bullish trend for the last 24 hours. The market looks set to make another leg up as bulls battle bears around the $6.42 level. Both hourly chart and daily chart indicators are signaling a bullish trend, which could see prices rally to the $7 level in the short term.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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