According to the Polkadot price analysis for today, bulls are attempting to reroute the pressure. Despite the earlier steep drops, bulls made a rebound on May 12, 2023, supporting the DOT/USD price at the $5.27 level. Bullish momentum had slowed down yesterday, but today it had greatly increased, and the price had risen to the $5.39 mark. Although bearish pressure is still present, today’s price oscillation is moderate but greater than yesterday’s due to the price’s proximity to the resistance zone.
DOT/USD 1-day price chart: DOT gains a little more
According to the Polkadot price analysis’ 1-day price chart, bulls have so far been able to keep a commanding lead and have even gained some momentum. The price jump has caused DOT’s value to rise 0.37 percent during the past 24 hours, to $5.39. However, because the trend was previously bearish, the cryptocurrency has lost value during the past week, totaling around 5%. Today’s market dominance was 0.57 percent, although the trading volume has dropped by more than 30 percent.
With the upper band at $6.16, which represents the resistance, and the lower band at $5.17, which represents the support, the Bollinger bands show that there has been significant volatility. The moving average (MA) falls below the SMA 50 at $5.43. The relative strength index (RSI), which is trading in the bottom part of the neutral zone at index 38, is on an upward trend.
Polkadot price analysis: Recent developments and further technical indications
According to the 4-hour price chart of the Polkadot price analysis, the bulls have been in charge of the market once again for the previous 12 hours, pushing prices upward, but the price oscillation has calmed down and the price increase for today is moderate. Because the price is currently in the zone of resistance, the bears might take additional action. Additionally, there has been some gradual upward movement over the previous four hours, with the price having just touched $5.38.
The volatility is considerable in comparison but is currently gently declining. The Bollinger bands’ upper and lower bands have values of $5.46 and $5.18, respectively, with the average being $5.32 less than the current price. The moving average has surpassed the SMA 50 curve and is currently trading at $5.36. The relative strength index (RSI), which is still in the neutral zone at index 52, shows that neither side of the market is enjoying any significant momentum.
Polkadot price analysis conclusion
The price charts for Polkadot price analysis reveal promising signs for the cryptocurrency, which is now experiencing growth across the board evident by the price movement of DOT/USD. We believe that the price of the cryptocurrency will increase over the course of the next 24 hours, but a correction could also be on the horizon in the hours to come as the coin is currently challenging the most immediate resistance of $5.39, as can be seen in the final chart, which displays hourly price movement.
