TL;DR Breakdown
- Polkadot price analysis shows an uptrend
- Support for DOT/USD is present at $6.65
- Polkadot key resistance is seen at $6.99
Polkadot price analysis shows a bullish trend in the market. The cryptocurrency surged to $6.87 after a successful run. The market is currently trading above the $6.65 level, which is a key support area. The main resistance for DOT/USD is seen at the $6.99 level. If the bulls can push the price above this level, then they may target the $7.00 level, which is a strong resistance area.
The bearish trend that was seen the previous week has been reversed as the bulls have taken control of the market. Looking at the market cap, Polkadot is currently ranked 12th at $7.9 billion. It is up by more than 2.56 percent in the last 24 hours and is showing good momentum, while the trading volume has also been increasing to $279 billion in the same period.
Polkadot price analysis 1-day price chart: DOT/USD is trading in a strong upwards trend
The one-day Polkadot price analysis chart shows that the cryptocurrency is trading in a strong upwards trend. The DOT/USD has formed an ascending triangle pattern which indicates that the bulls are in control of the market. The day started with a bullish move as the cryptocurrency surged from $6.65 to $6.99. This was followed by a slight correction, but the bulls were able to push the price back up and close the day at $6.87.
The MACD indicator is currently in the bullish zone and is rising, which indicates that the bulls are in control of the market. The RSI is also trading in the overbought zone and is signaling that there could be a pullback in the near future. The moving average indicator is also trending upwards and is signaling that the bulls are in control.
Polkadot price analysis on a 4-hour chart: Recent developments
The hourly Polkadot price analysis shows that the digital asset surged upwards and broke out of the $6.65 level. The bulls and bears are currently locked in a battle as the cryptocurrency is trading around the $6.87 level. The Relative Strength Index for DOT/USD is currently trading at 61.94, which suggests that the digital asset is neither overbought nor oversold. The RSI is also showing that the bulls are still in control of the market.
The moving average indicator is also trending upwards and is signaling that the cryptocurrency has further room to grow. Currently, the moving average is at $6.82 and is signaling that the bulls could target the $7.00 level in the near future. The MACD indicator is also bullish and suggests that the bulls are in control of the market. The histogram is also pointing to an uptrend.
Polkadot price analysis conclusion
To, conclude, the Polkadot price analysis shows that the digital asset has surged upwards and is currently trading at $6.87. The hourly and daily charts both indicate that the bulls are in control of the market. Bears may step in and push the prices lower if the digital asset fails to sustain its prices at higher levels.
