Polkadot price analysis: DOT rebalances at $5.77 as bulls recharge their momentum

Polkadot price analysis

TL;DR Breakdown

  • The Polkadot price analysis is bullish today
  • The resistance for DOT is present at $6.15
  • Support for DOT/USD is found at $5.61

Polkadot price analysis is going bullish for today as it reveals that the price has been following an upward movement today, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously. Still, bulls succeeded in taking control after the steep correction observed yesterday, and the price has increased up to the $5.77 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

DOT/USD 1-day price chart: DOT gains 1.79 percent after a bullish revival

The one-day Polkadot price analysis shows that the price has been following an increasing trend today. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in DOT/USD value has been recorded in the last 24 hours, as well as the price moved up to $5.77 at the time of writing. The coin has gained 1.79% within 24 hours, as bulls are relentlessly fighting to maintain the momentum.

image 185
DOT/USD 1-day price chart, Source: TradingView

The moving average (MA) is relatively at a stable position, i.e., $6.44, just above the price level. The previous decrease in volatility has adjusted the upper Bollinger band value to $7.28, and the lower Bollinger band value to $5.55. The Relative Strength Index (RSI) index has also increased to the index 53.84 level as the upwards curve of the indicator hints at the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The hourly Polkadot price analysis shows a considerable increase in DOT/USD price has been observed during the last 4 hours. The price breakout was downwards, but it started to recover again and, as a result, kept on increasing for 24 hours consecutively, which defined the trend for today. However, selling pressure is forming again, and the price is currently correcting but at a controlled pace, settling at the $5.77 level.

image 184
DOT/USD 4-hour price chart, Source: TradingView

The moving average is trading at a downslope on the 4-hour chart at the $5.77 level. Now the Bollinger band’s average is at $5.78 point, whereas the upper Bollinger band is resting at $6.75, the lower Bollinger band is at $5.30, and the price is trading between the lower band and the mean average line. The RSI curve has covered upward movement today as well, but the curve has flattened at the moment at the index of 36.58.

Polkadot price analysis: Conclusion

The given hourly and daily Polkadot price analysis confirms an uptrend for the day, as the price has undergone a significant increase in the last 24 hours. Bulls have been leading the price charts for most of the day, and an upward tendency has been shown by DOT/USD. A further increase in price should be expected as the hourly price chart is also showing positive signs.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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