Polkadot price analysis: DOT recovers to $7.20 as bullish momentum returns
Support for DOT prices is present at $6.98
DOT prices are facing resistance at $7.28
Polkadot price analysis for today’s trading session shows that the cryptocurrency has recovered from its previous low of $6.98 and is currently trading at $7.20. The recovery in DOT prices can be attributed to the overall bullish momentum in the market as most cryptocurrencies are trading in the green today.
The Market for today opened trading at a price of $7.17 and has reached a high of $7.28 but is facing some resistance at this level. The main support level for prices lies at $6.98, which was the low we saw yesterday. The 24-hour trading volume for DOT is currently $384 million and the total market capitalization for the cryptocurrency is $7.99 billion.
Polkadot price analysis 1-day price chart: Bulls fight back bearish influence
The 24-hour Polkadot price analysis chart shows that the cryptocurrency started trading in a bearish territory as prices dipped below the $7.00 mark, but the bearish momentum was short-lived as prices quickly recovered to $7.20 and gained more than 0.22% in value. On the chart, we can see that there is a clear upward trend line forming which indicates that the overall bullish momentum is still present in the market.
DOT/USD 1-day price chart Source: TradingView
The Moving average indicator is currently showing a bullish crossover as the 50-day MA has moved above the 200-day MA, which is a positive sign for the market. The Bollinger bands are also expanding, which indicates that the market is volatile and we can expect prices to move in both directions in the near future. The RSI indicator is currently trading at 47.05, which is in neutral territory and does not give a clear indication of the market direction.
DOT/USD 4-hour price analysis: Bulls remain in control
The 4-hour price chart for Polkadot price analysis shows price has been increasing every hour since the start of today’s trading session, as bulls got into momentum after the first half yesterday. The price action has been upwards during the last four hours also as the price has reached $7.28 above the upper limit of the Volatility indicator.
DOT/USD 4-hour price chart Source: TradingView
The volatility is increasing on the 4-hour chart as the Bollinger bands continue to expand with the upper Bollinger band at $7.28 and the lower Bollinger band at $6.98. The Relative Strength Index (RSI) is in the overbought territory at 41.01, which indicates that prices might correct downwards in the near term. The Moving average (MA) is trading below the price level in hourly charts at $7.21, which is a sign that the bulls are still in control of the market.
Polkadot price analysis conclusion
To conclude, Polkadot’s price analysis shows that the market is in a strong uptrend as prices continue to make higher highs and higher lows. Bears have been losing control of the market as buyers push prices higher. The market is expected to remain volatile in the near term as the market establishes a new trading range. The investors are advised to keep an eye on the $7.28 resistance level as a breakout above this level could see prices target the $7.50 level in the short term.
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