Polkadot price analysis indicates bullish results for the coin as it breached the $6.80 level before the bears overpowered and retraced DOT back downwards. The bulls lead DOT/USD from an intraday low of $6.55 to a high of $6.84 before the selling pressure caused the price to retrace back to $6.70.
The digital asset increased by 1.37 percent on the day. However, also bearish pressure is present, which makes the overall picture a bit confusing. A few hours before the bearish had pushed the price down, but the bulls are now in charge. The important resistance level is at the $6.80 mark, which could be a good target for the bulls. The support level present at $6.50 acts as a barrier for the bearish pressure.
Polkadot price analysis 24-hour chart: DOT/USD surge to $6.70 as bulls take the lead
Polkadot price analysis 24-hour chart shows that DOT has been trading on the bullish side for the most part of the day. The buying pressure is battling the selling pressure, with the latter trying to push the price down. However, so far, it seems that the bulls are in control and have managed to keep DOT/USD above $6.60. The market cap and trading volume have also increased, which is a positive sign.
The technical indicators such as the RSI and MACD are both bullish, indicating further price gains. The Moving Average Convergence Divergence (MACD) indicator shows an uptrend as the MACD line is above the signal line and the histogram is rising. The Relative Strength Index (RSI) also displays a bullish outlook as it is above the 50 level and currently at 61.34 and the buying pressure needs to continue for the bulls to take the price higher. The Bollinger Bands have started widening as the pair has remained volatile, but so far, the bulls are strong and in control.
Polkadot price analysis 4-hour chart: Recent developments
The 4-hour Polkadot price analysis shows that the bulls have taken the upper hand and are currently pushing DOT/USD up. DOT is trading in a range of $ 6.55 and $6.70, with the bulls aiming to break out past this range to test the $6.80 resistance level again.
The Moving Average Convergence Divergence (MACD) indicator is in bullish territory and is showing increasing buying pressure. The Relative Strength Index (RSI) indicator is sharply pointing upwards as it is currently at 61.27, hinting that the bulls are in control. The Bollinger Bands are widening further, which indicates that the market is becoming more volatile. The upper Band and the lower band are at $6.81 and $6.18 respectively.
Polakdot price analysis conclusion
Overall, the Polkadot price analysis shows a bullish sentiment for DOT/USD as the bulls overpower the selling pressure and push the price up toward the key resistance level of $6.80. The selling pressure has been significantly reduced, and the buying pressure is increasing as the buyers gain confidence. The technical indicators are also strongly bullish, indicating that this uptrend may continue in the near future.
