Today’s Polkadot price analysis favors a bullish perspective as buyers endeavor to elevate the price level. On May 17, DOT rallied toward $5.43, reflecting a noteworthy bullish performance after a prolonged interval of downward movement throughout May 2023. However, the price promptly corrected downward the next day with an equally strong correction that erased 80% of the previously gained ground. Nevertheless, bulls are currently striving to make a comeback, resulting in a slow-paced upward oscillation in the price.
DOT/USD 1-day price chart: Buyers must provide additional support for DOT
The one-day Polkadot price chart reveals a small green candlestick, indicating a potential recovery in coin value. Recent days have shown low volatility and sluggish price oscillations. At the time of writing, the crypto pair is trading at $5.35, down 1.43 percent in the last 24 hours. However, it has gained 2.71 percent over the past week. Trading volume has declined by over four percent in the past day, and the moving average (MA) hovers around $5.34, slightly below the current price level.
As the main trend line continues downward, the SMA 50 is trending above the SMA 20 curve. Volatility is moderate, with $5.90 serving as the upper resistance level and $5.11 as the lower support level for DOT. The Relative Strength Index (RSI) now shows sideways movement at 39, following a period of downward movement within the lower half of the neutral zone.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price chart reveals a gradual and consistent rise in price levels over the past 12 hours. DOT found support in the previous trading session, with the price hitting a low of $5.29 after a notable correction was observed yesterday. However, today’s price breakout has been upward, and the bulls continue to maintain their advantage.
The four-hour chart also shows high volatility on an hourly basis, with the upper value trending at $5.47 and the lower one at the $5.21 mark, and the price is trading above the mean average line of the indicator, which is present at the $5.34 level. The RSI curve shows sideways movement, with the indicator hovering at index 49. The horizontal movement hints at a lack of momentum from the bullish side.
Polkadot price analysis conclusion
Polkadot price analysis suggests that the cryptocurrency’s price function is encountering instability, although bulls successfully halted the price decline following a strong correction. However, the present bullish momentum seems weak, requiring increased support to surpass above the current price level of $5.35. Otherwise, there is a risk of the price sinking near $5.20 in the upcoming trading session.
