Polkadot price analysis shows the presence of a bullish trend in the market. The cryptocurrency has witnessed a slight price increase of 1.95% over the past 24 hours and is currently trading at $4.66. The bullish trend is likely to continue as the coin has gained a foothold above $4.50 and is now attempting to break the resistance at $4.67.
The bears have been unable to break the resistance at $4.67, indicating that buyers are in control of the market and that a potential surge toward $5 could be on the cards. However the bears were seen making a slight push, but the bulls were able to push the price back up. The trading volume has also increased significantly in the past few hours, indicating that buyers are actively participating in the market. The market cap currently stands at $5.37 billion, with a 24-hour trading volume of $121 million.
Polkadot price analysis 4-hour chart: Bulls stumble to keep control
The hourly Polkadot price analysis chart reveals that the cryptocurrency has been following an uptrend for the last few hours. On the other hand, the price has seen a slight downtrend over the previous hours as the market corrects itself after a strong rally. The market has formed higher highs and higher lows which is a bullish sign. The moving average (MA) on a 4-hour price chart is present at $4.62 due to the bullish trend.
The volatility is increasing on the 4-hour chart, as the MACD reveals increasing bullish momentum in the market as the signal line crosses above the histogram. The RSI indicator is also moving in the overbought region, which indicates that DOT/USD may see a slight correction before it can resume its upward trend. The upper Bollinger band is at $4.70, while the lower band is at $4.50.
DOT/USD 1-day price chart: Price moving unboundedly upwards
The 1-day Polkadot price analysis chart shows that the cryptocurrency is currently trading in an ascending channel. The digital asset has seen a strong rally over the last few days as it surged from $4.56 to its current price level. However, the market may see a correction in the near future as the RSI indicator is currently in the overbought region.
The 1-day MACD for DOT/USD is currently above the signal line, which indicates a slight bullish momentum in the market. The Relative Strength Index is currently at 37.37, and a break below this level could signal a price correction. The Bollinger bands are currently showing minor volatility in the market as the upper band is at $4.71, while the lower band is at $4.25 on the 1-day chart.
Polkadot price analysis conclusion
The one-day and four hours Polkadot price analysis is indicating a bullish trend for the day as the price is on its way to recovery once again. The DOT/USD value is now standing at $4.66 and it can be expected that further upside is coming ahead. The hourly prediction is in favor of the buyers as well, as the price has followed an uptrend in the last four hours.