- Polkadot price currently $5.4672 as bulls control short-term momentum.
- Long term charts show consolidation as price action stagnates between $5.00 and $6.00
- Traders may expect price to retest $6.00 level
Polkadot price prediction: Today’s price overview
Polkadot price opened at $5.0084 with slight bullish momentum that died soon. The daily session observed wave-like bullish activity carrying the price above 5.50 before retracing. Currently, the price trades at $5.4672, showing a 7.4 2 percent increase from the day’s opening price.
Polkadot price across the last 72 hours.
The above chart shows the price action of the DOT/USD pair between November 30 and December 2, 2020.
Polkadot price started the session at $5.210 with slight bullish momentum that has defined the price action for the better part of the last three days. The price initially rose to $5.40 but failed to close above that level and declined to support level at $5.144. The bulls then continued charging above and managed to reach the $5.50 mark before meeting strong resistance.
The price was rejected sharply and declined to a strong support level at $5.00 at noon December 1. From then to the start of today’s session, the price remained consolidated as either side failed to gather momentum.
Today the price found support at the $5.04 level, which enabled the buyers to charge above the $.5.5 level. The price action, just like last time, failed to close above the mark and hence was rejected. However, the rejection was not that steep, and the price currently hovers near the $600 mark.
On the technical indicators, the MACD shows declining bullish momentum as the two EMAs converge. Meanwhile, the RSI leans upwards but does not signal an overbought price suggesting that the current trend has room for upwards movement.
Traders can expect the price to cross above $5.50 as it moves towards the $6.00 mark. The bulls will be attempting to break through the $6.00 resistance level in the following days.
DOT USD long-term trend analysis.
The above chart shows the price action of the DOT/USD pair from September through November.
Polkadot price started the session at $6.2811 with a bearish turnover that caused the price to decline sharply. Polkadot price fell from above $6.200 to below $4.00 before finding a strong support level at $3.600 to bounce back. The price rose above $5.50 but failed to close above the level and subsequently declined. The price fell to $5.00 but maintained short-term support at the level and tried to break above.
However, the price could not cross above $4.500 resistance and declined further below. The price action retested the $3.600 level support before rising above once again. Despite the bullish reversal, the momentum was not shifted towards the bulls but swayed between the bulls and the bears. The price remained consolidated between $4.0 to $5.0 from mid-October to mid-November as red and green candles intermittently marked the chart.
In late-November, the buyers initiated a bullish rally that raised the price back to the $6.00 level in an attempt to break through the resistance region. However, while the price did manage to cross above the $6.00 level, it only did so briefly and declined below. The rejection sent the price crashing to $4.50, where it found support to stabilize. Since then, the price has continued to recover and is nearing the $6.00 mark in recent days.
On the technical indicators, the MACD has just crossed over to bullish territory as the two EMAs converged. The indicator suggests an increasing bullish momentum as the 12-period EMA rises above the 26-period EMA. On the other hand, the RSI remains neutral, suggesting but leans upwards, which suggests that the price action has room for upwards movement.
Currently, the strong support and the positive indicators suggest that the price will rise to retest the $6.00 resistance level. If bulls manage to maintain support above the level, there will be room for further upwards movement.