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Polkadot price analysis: DOT increases its value to $5.02 after strong bullish interference

Polkadot price analysis: DOT increases its value to $5.02 after strong bullish interference

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • The strongest support is present ta $4.17.
  • The strongest resistance is present at $7.65.

Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In the last few days, the cost of DOT has received much positive attention and has increased to a slight degree. On January 8, 2023, the price suddenly decreased from $4.71 to $4.61. However, the price started to gain further positive momentum the same day and regained a value of as much as $5.02. On January 9, 2023, the price saw slight highs and reached an all-day high of $5.09. Moreover, the currency price of the cryptocurrency remains around $5.02.

Polkadot price today is $5.02 with a 24-hour trading volume of $490.87M, a market cap of $4.95B, and a market dominance of 0.57%. The DOT price increased by 7.33% in the last 24 hours. Polkadot reached its highest price on Nov 4, 2021, when it was trading at its all-time high of $54.98, while Polkadot’s lowest price was recorded on Aug 22, 2020, when it was trading at its all-time low of $2.82. The lowest price since its ATH was $4.23 (cycle low). The highest DOT price since the last cycle low was $5.03 (cycle high). The Polkadot price prediction sentiment is currently neutral, while the Fear & Greed Index is showing 25 (Extreme Fear).

DOT/USD 1-day price analysis: Recent updates

Polkadot price analysis reveals that market volatility follows an opening movement, which causes the DOT prices to become more susceptible to volatile change. As a result, the high price of DOT is $5.02, with an open price of $4.99. Conversely, the low price of DOT is $4.98, with a change of 0.38% and a close price of $4.98.

The DOT/USD crosses over the Moving Average curve indicating a bullish movement in the market. Furthermore, the price breaks the resistance resulting in a breakout in the market. This means that a reversal movement is in the works.

image 161
DOT/USD 1-day price chart Source: CoinCodex

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 62, which falls in the inflated region. The RSI score follows an upward movement in the undervalued region, signifying further inflation. The DOT/USD price has found an extremely high place within the market and has anchored itself there. The dominance of buying activity causes the RSI to increase.

Polkadot price analysis for 7-days

Polkadot price analysis reveals the market volatility to enter a slight consistent movement; it’s beginning to squeeze as the resistance and support bands move toward each other. The cryptocurrency price will follow the volatility and become less susceptible to volatile change. The high price of DOT is presently at $5.02, with an open price of $4.90. Conversely, the low price of DOT is present at $4.89 with a change of 2% and a close price of $5.

The DOT/USD price appears to cross over the Moving Average curve signifying a bullish movement. The price moves upward towards positive dynamics. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks. The price has crossed the MA band and caused a reversal, and the volatility bands seem to pose a threat to the bulls.

image 162
DOT/USD 7-day price chart Source: CoinCodex

Polkadot price analysis reveals the Relative Strength Index (RSI) to be 36, indicating that the cryptocurrency is stable. Polkadot falls under the lower-neutral region. However, its position is bound to change as the RSI score follows an upward movement indicating dominant buying activity.

Polkadot Price Analysis Conclusion

Polkadot price analysis concludes that the cryptocurrency packs massive potential for further increasing movement; however, for now, the market seems to favor a potential breakout, which might prove to be advantageous to the bulls. They might reverse the market and claim the market for themselves.

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 decision.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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