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 29, 2023, the price suddenly decreased from $6.66 to $6.34. However, the price started to gain further positive momentum the same day and regained a value of as much as $6.44. On January 29, 2023, the price saw slight highs and reached an all-day high of $6.62. Moreover, the currency price of the cryptocurrency remains around $6.62.
Today, Polkadot price is $6.62 with a 24-hour trading volume of $427.06M, a market cap of $6.54B, and a market dominance of 0.60%. The DOT price increased by 3.41% 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 $6.80 (cycle high). The Polkadot price prediction sentiment is currently bullish, while the Fear & Greed Index shows 55 (Greed).
Polkadot’s current circulating supply is 987.58M DOT out of the max supply of 1.00B DOT. The current yearly supply inflation rate is 10.02%, meaning 89.92M DOT were created in the last year. In terms of market cap, Polkadot is currently ranked #5 in the Proof-of-Stake Coins sector and ranked #9 in the Layer 1 sector.
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 $6.64, with an open price of $6.56. Conversely, the low price of DOT is $6.56, with a change of 0.82% and a close price of $6.62.
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.
Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 67, 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 $6.64, with an open price of $6.58. Conversely, the low price of DOT is present at $6.56 with a change of 0.47% and a close price of $6.61.
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 threaten the bulls.
Polkadot price analysis reveals the Relative Strength Index (RSI) to be 47, indicating that the cryptocurrency is stable. Polkadot falls in the central-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, the market seems to favor a potential breakout, which might prove advantageous to the bulls. They might reverse the market and claim the market for themselves.