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Polkadot price analysis: DOT sets a lower high at $27, more upside ahead?

Polkadot price analysis DOT sets a lower high at more upside ahead

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • Resistance for DOT/USD is present at $29.2.
  • Support for DOT/USD is present at $27.2.

The Polkadot price analysis is bullish today as the price has increased today. Bulls are leading the price function for today, following yesterday’s bearish trend. Currently, the DOT price is headed downwards below $28 resistance after facing a decline at this level. However, DOT may retest this resistance again in the coming hours as the buyers’ interest is still there in the asset as the RSI curve is also hinting at.

DOT/USD 1-day price chart: Bulls may make a return after facing rejection

The 1-day price chart for Polkadot price analysis shows bulls have recovered the price level up to the $27 range, as the cryptocurrency is trading hands at $27.6 at the time of writing. The DOT/USD shows an increase in price value by 1.39 percent over the last 24 hours, but on the other hand, DOT also reports a decrease in price value by 4.30 percent over the past week as the past three days proved detrimental for coin. The trading volume has also decreased by 4.17 percent, and the market cap has also decreased by 2.26 percent in the last 24 hours.

Polkadot price analysis: DOT sets a lower high at $27, more upside ahead? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for DOT, the average line of the Bollinger bands indicator is forming at $27.2, representing support for the DOT/USD price. The upper value of the indicator is at the $31 mark, and the lower value is at the $23 mark representing the strongest support for the DOT’s price. The Relative Strength Index (RSI) score has also improved as the price has found a support floor near the $27 range. The RSI, after improving today, is now trading at index 45, indicating the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price function was upwards for eight hours today, following a downtrend previously. But selling pressure has been active again as the price is again decreasing. However, it is expected the coin will continue upside again enter the $28 range after correcting for a short period.

Polkadot price analysis: DOT sets a lower high at $27, more upside ahead? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is quite high and is further increasing on the 4-hour chart, as the Bollinger bands are expanding, but the indicator gas took a downwards breakout which is not a good sign for the coming days. The upper band is at the $32 mark, and the lower band has reached the $25 mark, with their mean average at $28.9 representing resistance for DOT to overcome.

The moving average (MA) is present below the Bollinger bands average at the $27.6 level, just slightly above the price level. The RSI curve on the 4-hour chart has flattened after moving upwards, which is a sign of pressure building up from the bearish side. The RSI is present in the lower half of the neutral region, trading at index 44.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin was on a downslide for the last three days, and today support has appeared for DOT, and bulls have made some progress in recovering the price value. We expect DOT to continue upside above $28 in the coming hours after retracing for a short period today.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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