Polkadot price analysis: DOT could test $10 resistance in latest uptrend

Polkadot price analysis is showing bullish signs once again after yesterday’s downtrend that took price down to $6.95. DOT price is up more than 3 percent on the daily chart to take price as high as $7.35. The current uptrend could see price test resistance at $10 whereas if price moves away from the 21-day simple moving average it could fall as low as $5.50. The next major resistance levels are set at $10 and $12 for DOT, whereas support can be found at $6 and then $4. Over the past 24 hours, Polkadot trading volume dropped by 27 percent, whereas market cap grew 3 percent to consolidate its 11th rank in the market.

The larger cryptocurrency market showed minor uptrends across the board, as Bitcoin managed to stay above the $21,500 mark and Ethereum rose up to $1,200. Amon leading Altcoins, Cardano rose 4 percent to $0.48 while Ripple made a 2 percent jump to reach $0.34. Dogecoin also made a slight increment to reach as high as $0.07, whereas Solana dropped down to $38.37. Litecoin sits at $52.46 and Tron at $0.07, respectively, at the time of writing.

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Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI shows increasing buyer interest on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a swift uptrend over the past 24 hours after a sustained period of sideways movement. DOT has been unable to form a breakout movement since June 25, 2022, lowering down to $6.62 in the process. However, price has been floating at and above the crucial 50-day exponential moving average (EMA) since July 5, 2022 in preparation for a significant uptrend. Currently the 50 EMA sits at $7.08, just below the current price, and any significant movement upwards will be ensured by price staying above this level.

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Polkadot price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows significant increase in buyer interest and market valuation for DOT over the past 24 hours, after dropping down to 40.34 yesterday. Currently at 45.94, the RSI will break up to 50 into the oversold zone before the current uptrend reaches its upper cap. The moving average convergence divergence also shows positive signs and can be seen forming higher lows above the neutral zone.

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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