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Polkadot price analysis: DOT rallies to $6.50 as bulls strengthen their footing

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows an uptrend
  • Resistance for cryptocurrency is present at $6.80
  • Support for DOT is present at $6.33

Polkadot price analysis shows bullish signs today. DOT/USD price has taken an upward turn after breaking downwards at the start of the trading session. The coin was consolidating in the $6.30-region, but bulls succeeded to break the support level of $6.33 and push its price up to $6.50 at press time. Today’s upturn has provided a cushion to the coin’s value as the price has increased today and is still moving up as the bullish momentum seems strong.

The trading volume for DOT has been increasing gradually. This is an indication that traders are optimistic about the coin’s future potential as it continues to see a surge in demand. The market cap for Polkadot stands at $7.58 billion with a 24-hour trading volume of $478 billion.

DOT/USD 1-day price chart: Price resettles at a $6.50 position after bullish efforts

The 1-day price chart for Polkadot price analysis shows the price has been on the rise today. The next test is the resistance of $6.80, which seems to be conquered soon if the bullish momentum continues. The DOT/USD pair is trading hands at $6.50 at the time of writing, while the coin gained a value of more than 2.25 percent during the last 24 hours and a value of more than 9.45 percent over the past week.

image 505
DOT/USD 1-day price chart. Source: TradingView

The technical indicators provide a bullish outlook for the coin as it has been increasing by the day. The MACD line has crossed above the signal line, indicating a buying pressure in the market which could help push up DOT’s price further. The relative strength index (RSI) is at an overbought level of 72.38, suggesting that the coin can remain volatile in the near term. The moving average indicator is currently at $6.10, indicating a bullish trend in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows that bullish pressure is still in the market. The buying momentum is still strong as the DOT/USD pair looks to break the resistance of $6.80. And if the coin manages to break the resistance, it could reach a new all-time high price. Support levels remain at $6.30 which was acting as resistance previously.

image 506
DOT/USD 4-hour price chart. Source: TradingView

The RSI is still in an overbought region of 63.92, which suggests that the coin’s price could continue to remain volatile in the near term. The Moving average indicator is still at $6.52, just below the current price, suggesting that the bullish trend is still in play. The recent developments suggest that the MACD indicator is still very bullish and is signaling a buy.

Polkadot price analysis conclusion

The Polkadot price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the cryptocurrency. The short-term and mid-term technical indications support the buying of DOT assets and show the potential for more upwards movement for the coin’s price value, as most of the technical indicators have turned bullish.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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