The Polkadot price analysis is bullish for today as the coin has gained bullish momentum since the start of the trading session. The price has recovered to the $8.41 level as bulls got the lead back after the price took a steep plunge yesterday. The price function was under pressure as the token’s price level decreased sharply after 13 August 2022, but today, the bullish support appeared, and the bulls are trying to recover the price. More increment in price can be expected in the coming hours if the momentum continues.
DOT/USD 1-day price chart: Bulls need to show more momentum
The 24-hour Polkadot price analysis shows the price has increased today, as the DOT/USD pair is trading hands at $8.41 at the time of writing. Now the bulls are leading the price function, but the DOT still reports a decrease in value by 6.94 percent over the last 24 hours due to yesterday’s bearish price action and a decrease of 11.45 percent over the past week. The trading volume increased by 25.18 percent, and the market cap has also increased by 16.72 percent, providing a market dominance of 0.83 percent to the DOT.
The volatility is comparatively low for DOT. The Bollinger bands remain unchanged, the upper Bollinger band is at the $9.66 mark representing resistance for the token, and the lower band is at the $7.75 mark representing the strongest support.
As the bullish momentum returned and the buying activity re-instated again, the relative strength index (RSI) is also taking a turn and is hovering at index 49, hinting at low momentum from the bullish side yet as the indicator’s curve hasn’t turned upwards yet but has taken a horizontal shape.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows the price breakout was upwards at the start of the trading session and is increasing up till now. However, the bullish activity has reignited and has been observed going on for the last eight hours, and the price has been uplifted to the 8.44 level. However, bulls need more support to mark a clear impact on price.
The moving average (MA) is at the $8.60 mark above the price level, complementing the bullish momentum. The volatility is mild as the upper Bollinger band is at the $9.18 mark, the lower Bollinger band is at the $8.30 mark, and the Bollinger band average is at the $8.74 mark, also below the price level. The RSI is trading at an upwards curve at index 36, indicating the buying activity in the market.
Polkadot price analysis conclusion
The Polkadot price analysis suggests a slow bullish trend is going on. The bulls have successfully reversed the bearish trend and have elevated the price level to a certain degree. If the market sentiment remains positive, then the bullish momentum can accelerate in the coming hours. We expect the coin to continue price oscillation upwards for the next 24 hours.
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