Today’s Polkadot price analysis shows that the DOT/USD pair is trading in a bullish trend above the $8.00 level. The recent high was at $8.36, and the price has corrected below $8.30. It is currently trading near the $8.18 level, close to the 23.6% Fib retracement level of the recent wave from the $7.51 low to $8.36 high. On the downside, there are many supports near the $7.90 and $7.80 levels, below which the price is likely to test $7.60 in the short term. Overall, the DOT/USD pair will likely resume its upward move towards $9.00 and $10.00 if it breaks the $8.30 resistance level.
Polkadot price analysis for one 1-day: Bulls continue to dominate as DOT/USD price nears $8.5
The value of Polkadot has been following an ascending channel for the past 24 hours, as shown by the daily chart. The price fell below this channel for a few days before quickly recovering as the bulls entered the market. The support level for a one-day value is $7.48, whereas the resistance level is $9. However, soon, the bulls are likely to make another attempt to increase prices.
The current trend is to the upside, with a Relative Strength Index (RSI) of 62.33, which indicates that the market has yet further room to rise. The MACD also suggests that the bulls have the upper hand, with the signal line above the histogram. The bulls are also in control since the 50-day Simple Moving Average (SMA) is above the 200-day SMA.
Polkadot price analysis on a 4-hour price chart: Bullish winds prevail
On a 4-hour Polkadot price analysis, the price is presently consolidating around $8.12 as the bulls seek to take control of the market. The prices are consolidating as the market searches for its next path. There is some buying pressure at the $8.14 level, which will likely provide support in the near term. As prices have been trading above $7.48, the market is in a bullish trend.
The RSI is above 60, suggesting that the bulls are in market control. The MACD is also bullish as the signal line is above the histogram. The 50-day SMA is also above the 200-day SMA, which indicates that the market is in a long-term uptrend.
Polkadot price analysis conclusion
In conclusion, today’s Polkadot price analysis shows that DOT/USD pair is trading in a bullish trend above the $8.00 level. The recent high was at $8.36, and the price has corrected below $8.30. It is currently trading near the $8.18 level, which is close toOT/USD is currently trading at $8.18 and is facing resistance at $8.14. The market looks set to resume its upward move towards $9.00 and $10.00 if it breaks the $8.30 resistance level.
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