Polkadot price analysis: DOT initiates bullish movement with a 5 percent increment

Polkadot price analysis is showing bullish signs today, as price rose more than 5 percent over the past 24 hours to move as high as $7.30. DOT continued along a sideways trend for most of the week which remained capped at the $7 mark in preparation for an uptrend. This is followed by a significant spell downwards that initiated on June 25 to take price as low as $6.64 on July 5, 2022. DOT price now targets the 9 and 21-day moving averages on the daily chart along with a bullish market valuation which could take price as high as the first resistance point at $12 over the current trend.

The larger cryptocurrency market also shows positive signs, led by Bitcoin’s revival up to $21,500 with a 6 percent increment. Ethereum followed suit, surging more than 6 percent to move as high as $1,200. Among leading Altcoins, Cardano rose 3 percent to reach $0.47, while Ripple made a similar jump to move up to $0.34. Dogecoin rose 3 percent to move as high as $0.07, whereas Solana made a 6 percent increment at $38.5.

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Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI shows bullish momentum building on the daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a steady uptrend after a period of sustained sideways movement. DOT price had been capped at the $7 mark since the start of the month and only broke the resistance over the past 24 hours. Price currently sits above the 9 and 21-day moving averages, with the crucial 50-day exponential moving average (EMA) at $7.08 also breached earlier in the day.

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

The relative strength index (RSI) shows upward market valuation at 44.89 and could move into the oversold zone quickly before price reaches the resistance point at $12. The bullish momentum is expected to continue rising as long as the RSI value keeps below the 50 mark. Meanwhile, the moving average convergence divergence (MACD) curve is seen forming higher lows to stay above the neutral zone. If price continues along the current trend, DOT could reach the upper boundary of the current channel that is capped at $12 and then $14. Conversely, a move back to below the 9 and 21-day moving averages could take price to make a return to the support level at $4.

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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