Polkadot price analysis: DOT rises above $6.68 after a bullish chart pattern

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today
  • Support for DOT is present at $6.49
  • Resistance is present at $6.85

Polkadot price analysis is showing signs of a bullish trend as the price has undergone a significant increase today as well. DOT price capped at $6.49 yesterday, as it broke above the resistance of $6.85, and today the bullish upswing has resulted in a further improvement in the price as its value has upgraded to $6.68 setting a weekly high. The price breakout was upward at the start of today’s trading session, as bulls managed to continue their lead. The price levels are expected to increase further in the coming hours.

DOT/USD 1-day price chart: Bullish momentum continues above $6.68

The 1-day Polkadot price analysis shows the price function is upward for today as well. The price has increased and the coin is trading hands at $6.68 at the time of writing. Though the increments in the price level are small the cryptocurrency has gained a value of 2.66 percent during the last 24 hours. The DOT/USD has been successful in maintaining the price level this week, as the continuous downslide seems to be coming to an end.

image 37
DOT/USD 1-day price chart. Source: TradingView

The buying pressure is increasing as the technical indicators are pointing to a bullish trend. The Relative Strength Index (RSI), is above 60 indicating bullish momentum, and the Moving Average Convergence Divergence (MACD) line is moving upward subtly, showing buying pressure in the market. The 50-SMA is also trading above the 100-SMA, indicating a bullish trend in the market.

Polkadot price analysis: Buying pressure is increasing more and more as DOT continues to stay above $6.68

The 4-hour Polkadot price analysis also confirms the bullish trend as a good increase in DOT/USD market value has been detected. The price is covering the range upwards again as it trades near the  $6.68 level at the time of writing. The overall trend is bullish, and the price has seen good momentum in this range during the last 24 hours.

image 38
DOT/USD 4-hour price chart. Source: TradingView

The RSI indicator is above 50 confirming the bullish market sentiment while the MACD line is trading above 0 in the 4-hour range and is showing good buying pressure. The current scenario suggests that the bulls have entered the market again and they may take control of this currency in the coming hours. The 50-SMA and 100-SMA are also making continual higher highs, indicating an increase in price levels overall. 

Polkadot price analysis conclusion

Overall, Polkadot price analysis is bullish today and the prices are expected to increase further in the coming hours. Support for DOT is present at $6.49 while resistance is present at $6.85 and a break above it can result in a major upsurge in the value of this cryptocurrency. The technical indicators are also pointing to a bullish trend and the buying pressure in the market is continuously increasing. In conclusion, it can be said that Polkadot has seen significant gains today and may continue to register more growth in the near future.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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