Polkadot price analysis: DOT upgrades to $6.77 as bulls take control

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows a bullish trend
  • Support for DOT/USD is present at $6.46
  • Resistance for DOT is at the $6.83 levels

Polkadot price analysis shows a strong comeback from the bullish side, as the price suddenly rose from $6.46 to $6.77 levels in a single day. The bulls have been able to maintain the momentum, pushing the pair to higher highs, and it seems that this uptrend is likely to continue for some time. The momentum seems strong as bulls are covering the range upwards by elevating the price level in a steady manner. It is a great achievement for bulls as the trend was bearish for the past week, but now bulls are continuing the lead after the coin got support at $6.46.

DOT/USD 1-day price chart: Polkadot surpasses hurdles to reach $6.77

The 1-day price chart showing Polkadot price analysis is going highly supportive for bulls. The bulls have regained momentum, and the bulls continue to fight for reestablishing their supremacy. The price levels have reached $6.77, which is appreciable progress as compared to the bearish trends that followed in the past week. The Moving Average (MA) is currently at $6.58 and has been left behind if compared to the current price level.

image 130
DOT/USD 1-day price chart, Source: TradingView

The MACD oscillator indicator is strongly bullish, as is exhibited by the dark green color of the histogram. As the bullish momentum is on the rise for Polkadot, the bars of the histogram are increasing in size. The MACD indicator shows a bullish momentum that continued after the signal line crossed the MACD line from below. The Relative Strength Index (RSI) is at 62.32 and shows an overbought condition for Polkadot, which means that the buying pressure may be high for the coin. The buyers are trying to increase their positions in Polkadot, as the price is appreciating quickly.

Pokadot price analysis: Price shows bullish strength after returning to $6.77

The 4-hour Polkadot price analysis shows a good rise in price today. Despite the price levels breaking downwards, the bulls were able to overcome the bearish struggle and take the lead after a correction period that lasted for eight hours. The momentum has been overwhelming for the bears, and they have been unable to overpower the bulls.

image 129
DOT/USD 4-hour price chart, Source: TradingView

The price levels are way higher than the Moving Average value, which is $6.67 on the 4-hour chart. Moreover, the SMA 20 curve has crossed SMA 50 curve today, which is a highly bullish indication for the coin. The RSI is also in a good condition as it stands at 48.30 and shows an overbought situation. The MACD oscillator indicator reflects bullish momentum as the bars of the histogram are increasing in size.

Polkadot price analysis

To sum up, Polkadot price analysis indicates that bulls have regained supremacy and are moving up toward higher highs. The support for DOT/USD is present at the $6.46 level, while resistance for DOT is at $6.83. The bulls are strongly pushing their positions, and the price is likely to reach higher levels quickly.

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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