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Polkadot price analysis: DOT/USD increases its value by over 2.55% after a strong bullish run

Polkadot

TL;DR Breakdown

  • Pokadot price analysis is bullish today
  • The strongest resistance is present at $5.91
  • The strongest support is present at $5.72

Polkadot price analysis is bullish today, as the price has increased by over 2.55% in the last 24 hours, reaching a new all-time high of $5.90. The resistance for DOT/USD is at $5.91, and any break above this level could see the price surge to new highs. The support for DOT/USD is currently sitting at $5.72, and any break below this level could see the price drop to lower levels. The market capitalization for Polkadot is currently at $6.8 billion, and its 24-hour trading volume is around $168 million. 

Polkadot price analysis 1-day chart: DOT/USD maintains its upward trend as the price reaches $5.90.

Looking at the daily Polkadot price analysis shows that the cryptocurrency is currently trading above the $5.90 level, and it looks like it is preparing for another leg up shortly.  The digital asset has been on a bull run since the beginning of today, and it looks like the uptrend is set to continue in the near future. DOT has outperformed most of its competitors in the market, and it is currently one of the best-performing cryptocurrencies.

image 416
DOT/USD 1-day price chart, Source: TradingView

The Relative Strength Index (RSI) is currently in the neutral zone, indicating that the price is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is also in the bullish zone, indicating that the buyers are in control of the market. The moving average for the DOT/USD is currently sitting at $5.7471, and it looks like the price could break this level soon.

DOT/USD 4-hour price chart: Bulls successful in establishing a brief rising trend.

The 4-hour Polkadot price analysis also shows a bullish bias, and the price is currently trading above the $5.90 level. If buyers can push the price above this level, it could see further upside in the near future. The bulls have been reigning over the price chart for the past few hours, and the price has undergone a sufficient improvement. The green candlestick is indicative of an upward trend as the buying momentum is intensifying.

image 417
DOT/USD 4-hour price chart, Source: TradingView

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. Moreover, the moving average convergence and divergence (MACD)  on the 4-hour chart is in the bullish zone, and it looks like buyers are taking control of the market. The relative strength index (RSI) is also in the neutral zone, indicating that the market is neither overbought nor oversold.

Polkadot price analysis conclusion

In conclusion, the Polkadot price analysis shows that the digital asset is in a bullish trend and could see further upside in the near future. The overall sentiment of the market is bullish, and any break above the current resistance level could lead to new highs. Traders should be aware of the potential resistance levels and use proper risk management techniques to maximize their profits.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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