Polkadot price analysis: DOT continues to recover at $7.31. Can bulls sustain their lead?

The Polkadot price analysis is bullish as the market sentiment is still positive towards DOT, and the cryptocurrency has been on recovery since yesterday. The situation is favorable for buyers even today as the price is still recovering after a considerable decline in the last week. Bears have been dominating the market since 13 August 2022 as the trend remained downwards, and the cryptocurrency observed continuous losses. However, some bullish intervals were also observed, but the bears remained at the upper hand, and recoveries initiated were not much fruitful. The bulls are trying to find their way to recovery, but the bearish lead remains unbeatable. Today, an uptrend was observed once again as the price moved up to a $7.31 level.

DOT/USD 1-day price chart: DOT gains 5.50 percent overnight

The 1-day price chart for Polkadot price analysis shows the price has increased today, as the cryptocurrency is trading hands at $7.31 at the time of writing. The DOT/USD reports an increase in price value by 5.50 percent over the last 24 hours, but on the contrary, the coin still reports a deficit in price value by 1.19 percent over the past week as the trend was downwards during the early days. The trading volume has also increased by 11.32 percent, and the market cap improved by 5.27 percent in the last 24 hours, which has resulted in the market dominance of 0.82 percent for the cryptocurrency.

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DOT/USD 1-day price chart. Source: TradingView

The SMA 50 curve is traveling higher than the SMA 20 curve, yet another indication of bearish supremacy. Nonetheless, the Bollinger Bands Indicator suggests high volatility as it shows the following values for the day; the upper Bollinger band value is now $9.62, representing the strongest resistance, whereas the lower Bollinger band value is $6.24 representing the strongest support for DOT. The Relative Strength Index (RSI) trades in the lower half of the neutral zone at index 43, but the indicator’s curve is almost flat, hinting at the bearish pressure again building up.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows the bulls are striving for the lead today, as the price has started to move upwards. Although the previous hours were highly supportive for the bears as the price experienced some corrective movement, the current scenario is quite the opposite. The situation favors the buyers, as the price moved up to $7.31 in the past few hours. If we discuss its moving average value, then it is trading at a $7.11 position for now after crossing above the SMA 50 curve during the past hours.

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DOT/USD 4-hours price chart. Source: TradingView

The volatility is increasing because of the expansion between the Bollinger bands, as now the upper extreme of the Bollinger Bands Indicator is at $7.31, with the price going above it, whereas it’s lower extreme is present at $6.81. The RSI curve is in the neutral zone, but the indicator shows an upwards curve at index 56, indicating the buying activity in the market.

The past few weeks have been crucial for the cryptocurrency’s progress, as a constant bearish trend was controlling the market. This is why the technical indicators for DOT/USD are predicting a selling trend. We can see that 14 indicators are on the selling side; two indicators are on the buying while 10 indicators are on the neutral side.

Polkadot price analysis conclusion

The daily and hourly Polkadot price analysis is going in the bullish direction today, as the price has undergone an increase after finding support. Green candlesticks have returned to the one-day price chart, indicating an upward trend for the market. The market value of DOT/USD is now touching $7.31, but it can be expected that the uptrend will prolong in the future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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