DOT Price Analysis: Polkadot bulls make a timely appearance as they arrest the slide

By May 13, 2022Polkadot
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DOT Price Analysis

•DOT/USD is currently priced at $9.87 and has increased by 28.14% over the past day

•The trading volumes have decreased by 29.38% over the past day

•The technical indicators show some signs of recovery in the near term

Short Term View: Will Polkadot be able to break free from bears’ clutches?

Source: DOT/USD by TradingView

The Polkadot price today is $9.87 USD with a 24-hour trading volume of $1,693,115,882 USD. Polkadot is up 28.14% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.1737.

Polkadot has been printing multiple bear flags since it reached its all time high of $55.00 on Nov 04, 2021. The Polkadot price has recovered slightly over the past day after a bloodbath ensued in the market. However, should the altcoin break down off its current bear flag parallel channel, a target of the low $8 may be on the cards. However, should bullish sentiment resume, the bulls will need to tackle resistances at the middle and top of the current parallel channel located at $12 and $15 respectively. The sentiment is still one of pessimism which is depicted accurately by the Polkadot prices currently transacting below the 50 SMA but above the 20 SMA on the four hour chart.

Long Term View for Polkadot Price

Source: DOT/USD by TradingView

After a period of turbulence, Polkadot price has witnessed some increments today. The RSI has slightly recovered from the deep oversold region it found itself in the past few days and is currently transacting at 30.81. The bearish wave has not subsided yet as the MACD indicator shows MACD and signal lines as transacting in the negative zone. However, there has been some relief to the investors with the decreasing size of the red histograms validating as such.

Conclusion

Polkadot price has recorded some gains on Friday and is showing signs of recovery after the recent bloodbath. However if the support level is breached, the bulls could be left staring at the face of another downtrend.

Support: $8-$6.50

Resistance: $12-$15

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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