Polkadot price analysis reveals a little price increase today. However, DOT/USD has not yet broken above the $7.28 level, which is also the current price, as there is selling pressure in the market above this level. Today’s price breakdown was downward when the price started to decrease, but bulls quickly recovered the price. The DOT/USD appreciated significantly on February 17 as a sharp price rise was seen; however, the currency was rejected from this level and only slightly corrected yesterday.
DOT/USD 1-day price chart: Price hovers at $7.28 after bullish efforts
The 1-day Polkadot price analysis reveals that, overall, the price has increased slightly from the start of today’s session. Although DOT is having difficulty moving past this point, bears appear to be resisting a further upward rise. At the time of writing, the DOT/USD pair is trading at $7.28, and a further gain in price is also eagerly anticipated.
Bollinger bands are expanding, indicating increased volatility. The top band represents the strongest nearby resistance at $7.36, while the lower band at $5.84 represents the strongest support. The moving average (MA) is crossing above the SMA 50, which is a positive sign, while the average of the Bollinger bands is formed at the $6.60 level, well below the price level.
Since the price is currently close to the resistance zone and the relative strength index (RSI) is trending at index 64 in the upper half of the neutral zone, it indicates a mixed state of mind in the market at this time, but the inclination to the bullish side is also clear.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows bullish progression as after falling at the beginning of the session today, the price is now rising. As bulls are pressing into the resistance zone, the bullish trend appears to be gaining strength. If there is increased buying activity in the near future, the price might rise even further. The bulls appear to have strong support at $7.
In the hourly charts, the Bollinger bands exhibit an upward breakthrough, which suggests that the price will continue to rise going forward. The mean line of the Bollinger bands is below the MA level, and the upper band is present at the $7.60 mark and the lower band is present at the $6.28 mark. The RSI, which indicates purchasing activity, is rising and may move further up in the hours ahead at index 68, which is close to the edge of the overbought zone.
Polkadot price analysis: Conclusion
We can infer from the 24-hour and 4-hour Polkadot price analysis that the market is now favoring the bullish side because the majority of significant technical indicators either support bulls or are neutral. As a result, we anticipate that Polkadot’s price will continue to rise. Although robust, the $7.36 resistance level may be broken in the ensuing hours by bulls.