Polkadot price analysis is bullish as the market sentiment towards DOT is still positive and the cryptocurrency has been recovering since yesterday. Even today, the situation is favorable for buyers as the price is still recovering after a significant drop in the last week. Since August 13, 2022, bears have dominated the market as the trend continued down and the cryptocurrency saw continuous losses. However, a few bullish intervals were also observed, but the bears remained dominant and the rallies initiated were not very fruitful. The bulls are trying to find their way to recovery but the bearish lead remains unbeatable. Another uptrend was witnessed today as the price surged to the $7.31 level.
DOT/USD 1-day price chart: DOT gains 5.50 percent overnight
The 1-day price chart for Polkadot price analysis shows that the price is up today as the cryptocurrency is trading at $7.31 at the time of writing. The DOT/USD is reporting a 5.50 percent increase in price value in the last 24 hours, but on the contrary, the coin is still showing a 1.19 percent price deficit over the past week as the trend is down in the early days was directed. Trading volume is also up 11.32 percent and the market cap has improved by 5.27 percent over the past 24 hours, resulting in a 0.82 percent market dominance for the cryptocurrency.
The 50 SMA curve is moving higher than the 20 SMA curve, another indication of bearish dominance. Nonetheless, the Bollinger Bands Indicator suggests high volatility as it shows the following values for the day: The upper Bollinger Band value is now $9.62, which is the strongest resistance, while the lower Bollinger Band value $6.24 which is the strongest support for DOT. The Relative Strength Index (RSI) is trading in the lower half of the neutral zone at index 43, but the indicator’s curve is almost flat, suggesting bearish pressure is building again.
Polkadot price analysis: Current developments and further technical indications
The 4-hour price chart for the Polkadot price analysis shows that the bulls are seeking the lead today as the price has started moving higher. Although the previous hours were very supportive for the bears as the price saw some corrective moves, the current scenario is quite the opposite. The situation is in favor of buyers as the price has surged to $7.31 in the past few hours. Talking about its moving average, it is trading at a position of $7.11 for the time being after surpassing the SMA 50 curve for the past few hours.
Volatility is increasing due to the expansion between the Bollinger Bands as the upper extreme of the Bollinger Bands indicator is now at $7.31 with the price rising above it while its lower extreme is at $6.81. The RSI curve is in the neutral zone, but the indicator shows an upward curve at index 56, which indicates the buying activity in the market.
The past few weeks have been pivotal in the cryptocurrency’s progress as a constant downtrend has dominated the market. Because of this, DOT/USD technical indicators are predicting a sell trend. We can see that 14 indicators are on the sell side; two indicators are on the buy side while 10 indicators are on the neutral side.
Conclusion of the Polkadot price analysis
The daily and hourly Polkadot price analysis is turning in the bullish direction today as the price has risen after finding support. Green candlesticks have returned to the one-day chart, indicating an uptrend for the market. The market value of DOT/USD is now $7.31, but expect the uptrend to continue in the future.
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