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Polkadot price analysis: Bullish momentum gathers as DOT prices target $6.0

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows a firm uptrend
  • DOT prices are facing resistance at $6.0
  • The key support level for DOT price is $5.0

Polkadot price analysis indicates that the uptrend is in play with prices supported by bullish momentum. The key resistance level for the DOT price is $6.0, and we can expect the upside to prevail as long as prices stay above this level. Polkadot is trading at $5.61, up by 3.84 percent in the last 24 hours

The next few trading sessions are likely to be crucial for Polkadot price action, and we will keep a close eye on the market to see how prices respond to the key resistance level. Polkadot is trading at $5.61, up by 3.84 percent in the last 24 hours.

The key support level for Polkadot is $5.0, and if this level gives way to selling pressure, we could see prices fall further. However, the uptrend looks strong right now and we expect the bulls to keep pushing prices higher toward our target of $6.0.

Polkadot prices on a daily chart: Bullish pennant on the weekly chart

Polkadot price analysis on a daily timeframe shows that the cryptocurrency has formed a strong bullish pennant pattern, indicating that the uptrend is likely to continue in the near term. The weekly chart reveals that DOT prices are facing resistance at $6.0, which could act as a key level for further price gains.

Technical indications also suggest that the uptrend is likely to continue, and we could see Polkadot challenging resistance at $6.0 in the coming days. The moving averages are also showing a bullish bias, and there are no signs of a reversal yet. For instance, MACD and RSI are both in bullish territory, suggesting that the momentum remains on the side of buyers.

image 29
DOT/USD 1-day price chart. Source: TradingView

The SMA and EMA are both trending higher, reflecting the uptrend in play. Polkadot price analysis on a daily timeframe shows that the cryptocurrency has formed a strong bullish pennant pattern, indicating that the uptrend is likely to continue in the near term. The weekly chart reveals that DOT prices are facing resistance at $6.0, which could act as a key level for further price gains.

Polkadot price analysis on a 4-hour chart: MACD line shows a bullish crossover

Other technicals on a 4-hour chart for DOT price action reveal that the MACD line is showing a bullish crossover, which suggests that the uptrend could continue in the near term. The RSI has also moved into overbought territory, but this is not necessarily a sign of reversal and we expect prices to rise further.

image 28
DOT/USD 4-hour price chart. Source: TradingView

The Stochastic indicator is also in the overbought zone, but it has not generated a sell signal yet. Polkadot price analysis on the 4-hour chart for DOT price action shows a bullish continuation pattern, with prices currently trading around $5.61. Polkadot is up by 3.84 percent in the last 24 hours and we could see a further rally toward our target of $6.0 as long as sellers stay below key resistance at $6.0, which is also a major psychological level. On the downside, support lies at $5.0 and we will keep a close eye on this level to see if it gives way to selling pressure.

Polkadot price analysis conclusion

Polkadot price analysis shows that the uptrend remains in play as long as prices stay above the key support level of $5.0. The bulls are likely to make a move toward $6.0, but we will keep a close eye on the market and see whether or not this level provides any resistance for further price gains.

While waiting for Polkadot to move further, see our long-term price predictions on ChainlinkVeChain, and Axie Infinity.

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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