Polkadot price analysis shows a bullish trend in the market, as the price surged to $6.40 after a swift revival. This was followed by an immediate retracement but it is still trading over 6% higher than the previous closing price. It is currently supported at the $6.22 level and resistance is found at the $6.44 mark. The bears attempted to take the price down but failed as the bulls took over and pushed it above $6.40. Bulls have now established a strong foothold in the market and are likely to push for higher levels if the support at $6.22 remains intact.
Polkadot price analysis 1-day chart: Bulls eyeing $6.44 resistance level
The 1-day Polkadot price analysis chart is moving in a bullish direction today as well as DOT continues to move upwards. The DOT/USD price has now increased to its highest level of today at $6.40. The trading volume has decreased by 17.40%, which indicates that the bulls need more buying pressure to push the price further. The market cap of the crypto asset has increased to $7.47 billion indicating a higher demand for the digital asset.
The technical indicators are on the neutral side, which means that the price could go up or down in the short term. The moving average convergence divergence (MACD) is also on the bullish side, which indicates that a further upward trend could be expected in the near future. The relative strength index (RSI) is at 54.64, which means that there is still room for more gains in the coming days. The moving average is trading at $6.13, which is a strong indication of the bullish momentum in the market.
Polkadot price analysis: DOT gains momentum at $6.40 after a bullish market
The 4-hour Polkadot price analysis is showing bullish signs as the price has slightly increased to the $6.40 level in the last four hours, despite the fact that the price breakout was downwards for the past few days. The price is now covering the lost ground and the bulls have managed to push the price up.
The technical indicators are also showing bullish signs as the MACD is currently on the rise with a positive slope, indicating that further upward momentum could be expected in the short term. The red line in the MACD is currently above the blue line and both of them are going upwards. The relative strength index (RSI) is also trading at 65.51, indicating a slight bullish bias in the market. The moving average is currently at the $6.33 mark and the bulls are likely to continue pushing the price up in the near future.
Polkadot price analysis conclusion
To conclude, the Polkadot price analysis is showing a bullish trend in the market. The bulls have regained control of the price and are now pushing it higher. However, they will need to hold their gains at the $6.22 level in order for this rally to continue further. The technical indicators are also signaling a slight bullish bias in the market and the price could potentially move up to the $6.44 resistance level in the short term.
