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Polkadot price analysis: DOT/USD follows a bullish movement at $5.39

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is strongly bullish today
  • The nearest resistance is found at $5.40
  • Cryptocurrency is supported at $5.25

The Polkadot price analysis reveals the DOT/USD is highly bullish today as it receives exceptional positive sentiment from the market. The bulls are on the march towards attempting a new record high as the price has already reached $5.39, and the all-time high happens to be at $5.40, which is the nearest resistance level for the crypto pair. The price movement was slow at the start of today’s session but has got momentum during the last five hours, as it shot up quite fast.

DOT/USD 1-day price chart: Bulls aiming for a new record high

The 1-day price chart for Polkadot price analysis shows price has increased significantly as bulls covered a range from $5.25 to $5.40 today, and the pair is trading hands at $5.39 to be exact at the time of writing. DOT/USD gained more than 1.84 percent value over the last 24 hours and, however, about 3.06 percent was lost over the last 7 days. The moving average is currently at the $5.38 mark just below the current price level.

image 429
DOT/USD 1-day price chart, Source: TradingView

The volatility is still high for DOT/USD as the upper Bollinger band is at the $5.40 mark, and the lower band is at the $5.25 mark. The breakout of the indicator seems to be upward, which shows good prospects for the price in the coming days. The relative strength index (RSI) has reached the overbought limit as it is present at index 71, just above the borderline of the neutral zone.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows a constant uptrend in the price for the last few hours, with the price covering most of the range in the last hour, when it went up by to the level of $5.40, which is still below the psychological resistance. , And breaking this level, the crypto pair may be heading toward a new all-time high. The support level is found at $5.25, and the price would have to surpass this before the bulls are emboldened enough to attack the $5.40 level again.

image 430
DOT/USD 4-hour price chart, Source: TradingView

The Bollinger bands formed a narrow channel on the 4-hour chart, indicating a high likelihood of the price range being contained within the channel. The Upper Bollinger band is at $5.48, and the lower Bollinger band is just above $5.24. The Relative Strength Index (RSI) has reached the overbought zone, which shows how bullish the market sentiment is for Polkadot price analysis. The Moving average MA is currently at the $5.31 mark.

Polkadot price analysis conclusion

Polkadot price analysis suggests as most of the technical indications are also in favor of the buying decisions for DOT/USD, As the price is already at the $5.39 level, the coming hours will decide if DOT can achieve a new record high or bulls go home with acceptable profits.

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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