Polkadot price analysis is bullish with the DOT/USD pair rising to the $6.29 level. However, the digital asset is facing resistance at this point and it could pull back to test the $6.12 support. Price action recently formed a bullish engulfing candlestick pattern that indicates the bears are losing control. Currently, the price is just below the top of the channel at $6.30. A break above this level could prompt Polkadot to target the next level of resistance at $6.40. On the upside, if it fails to move above $6.30, the price could fall back to test the $6.12 support.
Trading volume increased to $220,764,081 in the last 24 hours. Therefore, bulls need to be cautious as a bearish move could invalidate the uptrend, Polkadot price is currently in a breakout zone and a move in either direction could set the tone for more move. Polkadot’s market cap is currently $7,058,073,702.
DOT/USD 1-day price chart: bulls remain dominating as polkadot price approaches $6.29
Polkadot’s one-day price analysis shows encouraging signs for buyers, motivating them to keep increasing the asset’s value. Despite the drop in price levels over the past week, recent trends have proved positive for the cryptocurrency. DOT is at $6.29 at the time of writing and is up 1.33 percent over the past 24 hours. Last week saw bearish dominance but today saw a commendable price rally as the coin met resistance at $6.30. This level is well above the moving average (MA) of $6.28.
DOT/USD 1-day price chart Source: TradingView
The Relative Strength Index (RSI) also improved, successfully hitting 40.61. The upper limit of the Bollinger Bands indicator is now $6.30 while the lower limit is $6.12. At the same time, the Bollinger Bands indicator is showing an average of $6.30 below the current price level.
Polkadot Price Analysis 4-hour price chart: price surge to $6.29 after bullish effort
The 4-hours price chart for Polkadot price analysis shows that the cryptocurrency faced a bearish attack and managed to break above the $6.30 level. Prices are trading along an ascending channel and a break of the current range could set the tone for further moves. On the 4-hour chart, buyers are currently in control as prices are trading above the moving averages.
DOT/USD 4 hour price chart Source: TradingView
The past week proved very pivotal for both bulls and bears as both showed their strengths, but the current trend is bullish for the cryptocurrency. The Bollinger Bands are stretching with the upper band at $6.29 and the lower band at $6.11. The RSI score is also rising and is currently at 44.07, right on the border of the overbought area.
Conclusion of the Polkadot price analysis
To sum up, Polkadot’s 1-day and 4-hour price analysis indicates an uptrend for the cryptocurrency as bulls are in the lead. The bulls managed to boost the coin’s value to a high of $6.29. The coin is expected to surge higher as buying activity in the market is intense and technical indicators are also bullish.