The Polkadot price analysis reveals that the buying activity that began at the conclusion of yesterday’s trading session continued today and has intensified further over the past eight hours, favoring the bullish side. As a result of the bulls finding support to recover from the sharp decline seen over the past two days, the price has risen to $5.76. Although the price has increased significantly over the last four hours, the overall trend is bullish for today as it appears that the coin has found the support floor.
DOT/USD 1-day price chart: Bulls gain 1.94 percent as the coin touches the support floor
The price has increased throughout the day, as indicated by the bullish trend in the 24-hour Polkadot price analysis. As bulls regained control, the price rose back to the $5.76 mark. The bulls have been able to hold onto their lead despite some bearish price movement that was seen during the day when the selling pressure emerged. In the past day, the coin’s value increased by 1.94 percent, and the moving average (MA) value is presently at $5.89. On the other side, today’s trading volume is down 14 percent from yesterday.
The volatility has been increasing, which could be taken as a positive indication for the future. The Bollinger bands, on the other hand, are showing their upper band at the $7 position, representing the strongest resistance, and the lower band is present at the $5.38 position, representing the strongest support. The Relative Strength Index (RSI) score has increased to index 40 as well, hinting at the buying momentum in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows that the bullish activity is escalating as the price has followed a steep upward trend for the last eight hours, which accelerated during the last four hours. The price cap has risen to $5.76 as a result. The bulls have been successful in gathering momentum despite the day’s early slow price oscillation.
The bullish trend has caused the price to surge above the moving average value, which is currently $5.71. In contrast, the Bollinger bands average is currently trading $5.85 above the current price.
The volatility is increasing, and as the bullish momentum intensified, the Bollinger bands now cover more area. The upper Bollinger band is now present at the $6.15 point, whereas the lower band is settled at $5.35, defining the price movement envelope. The RSI has also shot up and reached an index of 43 due to good buying momentum.
Polkadot price analysis conclusion
As the price has risen to the $5.76 level, the Polkadot price analysis is indicating bullish trends for the day. The bulls made a great rebound today, and the trend has now turned bullish. If bulls maintain their strength in the hours to come, the price may recover further, as it has already broken over the $5.75 level.
