Polkadot price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the trading session. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed DOT as one of the early recoverers from today’s market crash.
The market crashed at the start of the previous day, but now the price has levelled up to $5.97 due to the recent bullish shift. Although the bears were overpowering the market last week, currently, the situation is going in favour of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum strengthens.
Polkadot price analysis 1-day chart: DOT recovers after dipping low
The one-day Polkadot price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $6.00 resistance in the past few hours. The price was trading at $5.80 before the surge – now it has reached a high of $5.97 with strong buying pressure pushing the value higher. The daily price chart’s moving average (MA) value is at $5.92 and is climbing steadily as the market recovers.
The Bollinger bands are expanding, indicating higher volatility. The upper Bollinger band is at $7.01, indicating that there’s more upside potential available for DOT in the market, while the lower Bollinger band is at $5.53, which may provide support to the coin. The Relative Strength Index (RSI) is also in a neutral zone at $43.95 and is currently heading toward the overbought region.
Polkadot price analysis: Bulls remain in control as buying pressure increases
The 4-hour Polkadot price analysis shows that the bulls are still in charge of the market. The coin is currently trading at $5.97 and looks set to continue its upward trajectory if the buying volume continues to increase. Moreover, a break above the $6.00 level could open up some more upside potential for DOT over the coming days.
The four-hour Bollinger bands are also expanding, indicating higher volatility in the market. The upper Bollinger band is at $6.12 and could be acting as a resistance level for DOT in the short term. On the other hand, the lower Bollinger band is currently at $5.77 which may provide support to DOT if it moves downwards. The relative strength index (RSI) is currently at $51.80, suggesting that the coin may soon enter into the overbought region. The moving average indicator is present at $5.93, indicating strong bullish momentum.
Polkadot price analysis conclusion
Overall, Polkadot price analysis suggests that the bulls are at the lead right now and the price has managed to break above the resistance level of $6.00 today. Further, the market indicators suggest a continuation of buying pressure which may take DOT higher in future trading sessions. The technical levels to watch out for include the $6.21 resistance and the $5.63 support level which either could act as a resistance or support depending on the market momentum.
