Polkadot price analysis: DOT looks promising as it starts a new uptrend, at $5.70

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis indicates a 3 percent increase over the past 24 hours
  • Resistance for Polkadot price analysis is present at the $5.73 mark
  • Within the past 24 hours, trading volume has increased by 18 percent while market capitalization rose by 3 percent

Polkadot price analysis has been trending upward over the past few days, as the cryptocurrency is currently priced at $5.70. The key resistance level is at the $5.73 mark, and a break above this price could signal further gains for Polkadot in the near future. In addition, the support level for DOT/USD is at $5.52, and a drop below this price would indicate a potential reversal in the current uptrend.

The DOT/USD price has gained more than 3 percent at the time of writing, and the trading volume has also increased by 18 percent over the past 24 hours. The market is currently at a total market capitalization of $6.51 billion in circulation, and this indicates a bullish sentiment for Polkadot as the cryptocurrency looks poised to continue its upward momentum in the near future.

Polkadot price analysis 1-day price chart: All daily indicators are bullish

The 24-hour candlestick chart for Polkadot price analysis shows that the price is rising and may reach $5.73 in the near future, which acts as a key resistance level. The market for DOT started the week with strong bullish momentum and is currently trading at $5.70, but the bearish was also seen on the previous day. However, the daily indicators on the 1-day candlestick chart are showing strong bullish momentum for Polkadot price analysis. With the moving average currently sitting at the $5.44 mark.

image 84
DOT/USD 1-day price chart. Source: TradingView

The 50-day EMA and the 100-day SMA are also currently aligned in a bullish direction, and this is likely to give Polkadot price analysis more strength moving forward. The Moving average convergence divergence (MACD) is also trending upward, which further indicates that the price may continue to rise in the near future. The RSI for a 24-hour period is currently at the 42.64 mark, which suggests that there may be some consolidation in the near future.

DOT/USD 4-hour price analysis: DOT returns to $5.70, increasing chances for recovery

The 4-hour Polkadot price analysis chart shows that the cryptocurrency is currently trading at $5.70, marking a slight recovery from its previous lows of $5.53. This indicates that Polkadot may be in for an extended period of stability before continuing its upward trend. The DOT/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish trend. Furthermore, the DOT/USD price path is moving upwards, attempting to cross the resistance, indicating bullish potential and reversal opportunities.

image 83
DOT/USD 4-hour price chart. Source: TradingView

The RSI indicator is currently at 59.59 and meaning that the market is slightly overbought. However, the MACD line shows a potential bullish crossover in the near future, which could result in a significant price increase for the cryptocurrency, as the signal line is moving upward.

Polkadot price analysis conclusion

Overall, the Polkadot price analysis shows that the cryptocurrency may be in for an extended period of stability before continuing its upward trend. Both daily and 4-hour price indicators are currently showing bullish momentum, and this suggests that the DOT token may continue to rise in value in the near future.

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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