Since April 9, 2023, the price has been moving upward as the bulls have been relentlessly vying for the lead, according to the Polkadot price analysis, which is positive for today. Bulls lifted the price above the $6.19 resistance yesterday, and today they smashed the price above the $6.29 resistance. A higher high, which is a bullish indication, was made as the price climbed to a new resistance level. The coin, which was earlier declining, appears to be finally bucking the bearish trend that had been in place. As a result of the ongoing efforts, the price has grown all the way to $6.41. Further price increases are possible if bulls are successful in pushing the price above this level in the coming hours.
DOT/USD 1-day price chart: Bullish momentum picks up speed as the price reaches $6.41
According to the one-day Polkadot price analysis, the price has been on the rise over the last three days. Although earlier the trend favored the bears, the current situation has altered, and the general trends are now in favor of the buyers. The price of DOT/USD increased significantly during the previous 24 hours, rising to $6.41 while adding 3.90 percent in value. Today’s trading volume has also grown by 67 percent.
In spite of the prior bearish trend, the SMA 20 curve has been moving higher than the SMA 50 curve. At $6.31 below the price level, the moving average (MA) is comparatively in a steady position. The upper Bollinger band value, which stands for the greatest resistance, has been updated to $6.54 due to a modest rise in volatility, while the lower Bollinger band value, which now stands for the strongest support, has been adjusted to $5.89. The Relative Strength Index (RSI) score has also risen to index 54 levels, and the indicator’s sharp upward curve suggests that the market is seeing greater purchasing.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows a considerable increase in the DOT/USD price, which has also triggered the selling pressure during the last few hours. The price has started to decrease again as a result of the selling pressure due to the resistance present at the current price level. However, the most recent price increase has brought it up to $6.41, which has been very beneficial for the overall cryptocurrency value.
The moving average has crossed above the SMA 50 curve on the 4-hour chart. Now the Bollinger bands average is at $6.21 point, whereas the upper Bollinger band is resting at $6.39, the lower Bollinger band is at $6.04, and the price is trading above the upper band, which is also diverging upwards. The RSI score has now returned to index 64 after touching the border of the overbught zone a few hours back which triggered the selling pressure in the market.
Polkadot price analysis conclusion
Given that the price has significantly increased over the past 24 hours, the Polkadot price analysis confirms an uptrend for the day. For the last three days, bulls have been in charge of the price charts. Even today, the DOT/USD has demonstrated an upward tendency, particularly over the past four hours. If the positive sentiment persists following a minor pullback, a further rise in price should be anticipated. However, if selling pressure persists, the price could decline into the $6.30 region.
