Polkadot price analysis: DOT stable at $52, what’s next?

By November 8, 2021Polkadot
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Polkadot price analysis: DOT stable at $52, what's next?
Polkadot price analysis: DOT stable at $52, what's next? 1

TL;DR Breakdown

  • Polkadot price analysis is giving bullish hints today.
  • Support is still standing at $51.9.
  • ATH is still far above $54.

The Polkadot price analysis is on the bullish side, but the price oscillation is slow. The bullish momentum has been on the go for the past three days, but the price increments are comparatively small. Polkadot may aim for the ATH again if it gathers enough consolidation as the trend is upwards continuously, after correcting for a day only after hitting the record high.

DOT/USD 1-day price chart: Bulls can start a march any time towards ATH

The 1-day price chart for Polkadot price analysis shows that the overall outlook of DOT/USD is showing a continuation of the bullish momentum, which started on 31st October, after which the DOT rallied high and marked the ATH on 4th November. The DOT/USD is trading hands at $52.6 at the time of writing, and the bullish trend is gaining momentum as the price propulsion just got pace in the last hour, and soon DOT will be surpassing $53.

The Polkadot has gained a value of 1.4 percent during the last 24 hours, and the crypto pair reports 23.5 percent over the past week; the contributing factor was the rally before ATH. The trading volume has also improved by 1.9 percent over the past 24 hours.

Polkadot price analysis: DOT stable at $52, what's next? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is comparatively high, and the Bollinger bands are on an upwards breakout, indicating good times ahead. The upper band is at $55.9, representing technical resistance for DOT, and the mean average at $46.7 represents support for the coin. The upwards breakout of the Bollinger bands indicates the price to remain on the higher side in the coming days.

The relative strength index (RSI) is at index 67, trading on an upwards curve near the overbought region, indicating more buying in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows selling pressure has caused a slight drop in price recently from $52.9 to the current level of $52.6. The selling pressure has increased recently, which is hindering the upwards price movement.

Polkadot price analysis: DOT stable at $52, what's next? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is slightly decreasing on the 4-hour chart as the Bollinger band shows slight convergence with the upper band at $53.6, representing resistance for DOT, and the lower band $50, the mean average is at $51.8, representing support for the coin price value. The moving average (MA) is moving up towards the price level, but if it travels above the price levels, it will be a bearish crossover. The RSI is now on a downwards curve at index 55, indicating sellers taking over the market.

Polkadot price analysis conclusion

The Polkadot price analysis suggests that the coin is overall on an upward trend as an increase in price has been observed today. The DOT/USD may break through to a new ATH in the coming hours or in the next session if the bullish momentum continues. On the other hand, if the selling continues, the DOT may fall back to the $51 range.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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