Polkadot’s price analysis shows signs of bullish activity as the price level has held on to some bullishness for at least the last 24 hours. The price has pushed to $5.90 on upside pressure and is expected to continue higher. Last week was relatively favorable for bulls as the uptrend remained slow but steady. The price continues to follow the upward movement and could make new highs in the coming days.
The downside pressure is absent as the bulls hold onto the price. The resistance level for the DOT is currently around $6.15 where there might be some minor issues but with the right support, it could easily surpass this level and head for new highs. On the other hand, the support level for the DOT/USD pair is at $5.36, which may find stability in case of an unexpected market pullback.
DOT/USD 1-day price chart: bulls managed to save the price above $5.90
Polkadot’s one-day price analysis chart shows promising results as the price has also increased today. Last week proved successful for the bulls as they dominated the charts almost every day. Today the trend is no different as there was a price rally to the level of $5.90. A move between the 20 SMA and 50 SMA has also expected if the bulls maintain their leading positions.
Volatility has increased which is why the average Bollinger Bands has been reset to $5.60. The top of the Bollinger Bands indicator is now $7.27, while the bottom is $5.54. The Relative Strength Index (RSI) also rose to 54.96 Index on an uptrend.
Polkadot Price Analysis: Recent Developments and Additional Technical Notes
Polkadot’s 4-hour price analysis shows that gains have dominated the hourly price chart and prices have surged rapidly in recent hours. The price is currently at $5.90 and is expected to find a new high soon. As the bullish momentum peaked yesterday, the price managed to break through the $6.15 resistance as well. Furthermore, the Moving Average (MA) indicator shows its value at $5.82 below the price level.
Volatility is increasing again, so some variation in price movements is expected. The Bollinger Bands indicator on the 4-hour price chart shows the following values; The top value is $7.32 while the bottom value is $5.22. The result of the RSI is quite close to the overbought level, but is still in a neutral position and currently has touched the index of 34.84.
Conclusion of Polkadot price analysis
Polkadot’s one-day, four-hour price analysis shows clear price upside potential as the bullish momentum slowly gains stability. The price has closed the $5.90 level and is expected to move higher in the future. The hourly chart also predicts a significant price increase, which is a good sign for buyers as Polkadot is expected to remain bullish over the next 24 hours and we expect to exit the current consolidation phase.