Polkadot price analysis: Bullish uptrend marks DOT price above $5.81

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is in favor of bulls
  • Resistance for DOT/USD is present at $5.95
  • The support is present at $5.69

Polkadot price analysis confirms an increasing trend for cryptocurrency today as the coin value has increased tremendously, reaching above $5.81, the resistance level for DOT/USD is at $5.95 and the support level is at $5.69. The bullish momentum that we are seeing in this market is likely to continue as more investors and traders enter the space and push up prices. The market opened at $5.80 today, and there have been steady gains in price over the course of the day.

Polkadot price analysis 1-day price chart: Bulls continue to push prices higher as the DOT hits $5.81

The daily Polkadot price analysis confirms a strong bullish trend for today as the coin value has undergone a considerable improvement. The effort from the buyers’ side remained commendable and persistent throughout the last 24 hours. And now, the circumstances are again in support of the bulls as the price covered an upward movement up to a $5.81 higher high position gaining a 5.81% value rise over yesterday’s close at $5.71.

image 230
DOT/USD 1-day price chart, source: TradingView

The volatility in the one-day price chart is still at the lowest level and it is a sign of a very stable uptrend. To determine the support levels, we can look at the upper Bollinger bands at $5.75 and the lower one at $5.48, which means that there is strong support provided in this range. Additionally, the Moving average indicator stands at $6.21, further supporting the uptrend. The RSI indicator is also bullish at 51.32, indicating that the market is not overbought yet and can see further gains in price.

DOT/USD 4-hour price Chart: Bullish momentum continues

The hourly Polkadot price analysis favors cryptocurrency buyers as a strong rise in DOT/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $5.81 in the last four hours because of the upturn as the bulls have been leading the price action for the past 4 hours in a row. At the same time, the price crossed the Moving average at $5.78 is another good sign for the buyers.

image 229
DOT/USD 4-hour price chart, source: TradingView

The RSI indicator, which plays a very important role in crypto analysis, stands at 43.04 and is indicating a bullish trend going forward. The Bollinger bands are also indicating a bullish trend as the upper band is at $5.85 and the lower Bollinger band is at $5.68, which means that the market has strong upward momentum in this range.

Polkadot price analysis conclusion

The bulls have been reigning high, as confirmed from the above one-day and four-hour Polkadot price analysis. An overpowering bullish wave dominated the market in the past 24 hours as well, and the price has increased up to $5.81. The bullish current is expected to continue in the upcoming hours. However, a small correction may also happen as the bulls might be exhausted after such a long lead.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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