Pi

Polkadot price analysis: DOT recovers to $35, as bulls define the price function

TL;DR Breakdown

Polkadot price analysis is bullish today.Bulls have enhanced the coin value to $35.Support for DOT/USD is present at $33.4.

The Polkadot price analysis is bullish today as the coin’s value is recovering again. After yesterday’s bearish plunge when the cryptocurrency dropped from $36.3 to $34.4, today, again, bulls have taken over the price function. The support for DOT/USD pair is present at $33.4, followed by another strong support of $32. In contrast, resistance is present at $35.5, followed by the higher resistance of $36.3.

The last two weeks overall brought good prospects for DOT/USD pair as the bullish momentum defined an upwards price trend line for this particular period of time and enhanced coin value tremendously by breaking it above the psychological level of $30.

DOT/USD 1-day price chart: DOT price recovers to $35 after subtle drop

The 1-day price chart for Polkadot price analysis shows bulls have made their way back to mark their presence on the charts, as the price has recovered back to $35 at the time of writing. Despite the recovery, the DOT/USD pair has been at a loss of more than five percent over the last 24 hours due to yesterday’s shock. But DOT/USD pair is on a gain of more than 12 percent if observed over the course of the last seven days. The trading volume is also down by 27 percent, resulting in market dominance of 1.4 percent.

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

The volatility is mild compared to the earlier data, but the Bollinger bands show hints of upwards breakout, with the upper band at the $36.6 mark and the lower band at the $26.2 mark. The average of the indicator is at the $31.4 mark. The price is trading near but below the upper band, and the upper band at 36.6 can be considered a higher resistance for today, whereas the mean average is acting as a support cushion for the coin.

The relative strength index (RSI) is hovering at index 58 in the upper half of the neutral zone. The indicator is on a very slight upwards slope, though neutral itself but shows quite some room for more buying activity and the entrance of buyers in the market for DOT/USD.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis reconfirms the bullish momentum, as the price has been observed to be on the rise for the past 6 hours. This is a positive signal for the cryptocurrency’s value as a persistent drop in price was observed during the preceding hours.

DOT/USD 4-hours price chart. Source: TradingView

The price can be seen breaking above the Bollinger bands average value on the 4-hour chart, but now the next hurdle is the resistance of $34.9, which is actually the point from where DOT/USD got rejected on 7th October. Some sort of selling pressure is expected to kick in, for the time being, stopping the recovery process momentarily at this stage. The relative strength index (RSI) is present at index 54 and now shows a straight horizontal movement indicating a slow down of buying activity.

The moving average (MA) is found above the price level on the 4-hour chart and below the price level on the 1-day chart; all the moving averages and exponential moving averages show bullish signs, complementing the investing decisions in DOT assets.

Polkadot price analysis conclusion

The Polkadot price analysis suggests the DOT/USD pair may face some hindrance from the bearish side at this point, but the price may continue to recover towards $36 in the coming hours if the support remains intact. But if the support falters, the DOT/USD may revert back to $34.

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.

Related Articles

Leave a Reply

Your email address will not be published.