Polkadot price analysis is pointing in a bullish direction for now as bullish momentum gained strength today, and bulls are continuing their push to take DOT toward the $6.96 resistance level. The bears were in control of the market earlier today, with support at $6.54, but the bulls regained control and pushed DOT toward the $6.81 mark.
The coin market has been on an upward trend recently, and it appears that this momentum will continue in the near future. The DOT/USD has gained over 1.18% at the time of writing, and it looks like there could be more upside potential in the short term. Additionally, the 24-hour trading volume is currently sitting at $409 million, with market cap highs of $7.86 billion, which suggests that more investors are entering the market and buying up DOT.
Polkadot price analysis: Bulls are driving the market toward $6.96 resistance level
The 4-hour Polkadot price analysis shows the coin recently faced some resistance after breaking upwards, as the price function has slightly decreased in the last few hours. However, bulls have managed to make a breakthrough, and the coin rallied high prior to the current correction which is a positive sign for the price to increase further in the coming hours, as the bulls are still in a dominant position.
The volatility is high for DOT/USD on the 4-hour chart, as the Bollinger bands show quite a range for the price movement. The upper band is at the $6.98 mark, and the lower band is at the $6.50 mark. The moving average (MA) has also traveled up and is present at the $6.75 mark. The relative strength index (RSI) is trading at the 53.14 level, showing that buyers are controlling the market.
Polkadot price analysis 1-day price chart: DOT to continue upside
The 1-day Polkadot price analysis shows DOT is in bullish momentum, as the cryptocurrency is trading hands at $6.81 at the time of writing. The bulls and bearish pressures are struggling to gain control of the market, and a fierce battle is currently going on. The market started at a low of $6.54, and the coin rallied high to reach a high above $6.81. level. which is a sign of bullish sentiment.
The volatility for DOT/USD pair is high, and the Bollinger bands are further diverging. The upper band has reached the $7.01 mark, and the lower band has reached the $6.04 mark. The mean average of the indicator is present at the $6.71 mark above the price level. The Relative strength index (RSI) is trading at an upwards curve at an index of 62.40, indicating the buying activity in the market.
Polkadot price analysis conclusion
Polkadot price analysis shows the coin is bullish for today, the price has increased up to $6.81. The cryptocurrency is expected to keep the bullish momentum in the near future, as the bulls are focussing on breaking past the resistance level of $6.96. However, there might be some bearish pressure before reaching this mark, but overall the market is trending upwards.