Polkadot price analysis: Bullish price action drives DOT to $7.54

By September 5, 2022Polkadot
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The Polkadot price analysis shows a bullish trend for today. Bulls have brought up the price to the $7.54 level, maintaining the bullish trend prevailing for the past week. Bulls flourished during the last few days as the price increased, and the short-term price trend line is upwards. However, the cryptocurrency value has increased sufficiently since yesterday, especially today, as the bullish momentum seems strong today.

DOT/USD 1-day price chart: Shot-term price trend line continues upward

The 1-day price chart for Polkadot price analysis shows bulls are taking the price upwards and seem successful in their attempts. Price is increasing gradually as bulls continue their lead. The DOT/USD pair traded between the range of $7.37-$7.54 today and is trading hands at $7.54 at the time of writing, reporting an increase of 3.83 percent in the coin’s value during the last 24 hours, and now the crypto pair also shows an increase in value by 9.03 percent for the past week. The trading volume has also increased by 38 percent as well.

DOT/USD 1-day price chart. Source: TradingView

The volatility for DOT is comparatively mild, as the Bollinger bands ends have been converging for the past few days. The distance among the bands is decreasing with their average line below the price level, which shows support for the DOT price at $7.37. The upper band is present at the $8.09 mark representing the resistance, and the lower band is present at the $6.65 mark. The Relative strength index (RSI) is near the center of the neutral zone at index 49, indicating the buying activity, and the moving average (MA) is present at the $7.21 mark below the SMA 50 curve.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows price has been increasing every hour since the start of today’s trading session, as bulls got into momentum after the first half yesterday. The price action has been upwards during the last four hours also as the price has reached $7.59 above the upper limit of the Volatility indicator.

DOT/USD 4-hours price chart. Source: TradingView

The volatility is increasing on the 4-hour chart as the Bollinger bands continue to expand with the upper Bollinger band at $7.54 and the lower band at $7.09, the mean average of Bollinger bands is forming at $7.31 below the SMA 20, and the moving average (MA) is trading below the price level in hourly charts at $7.35. The RSI is hovering at index 66 just near the border of the overbought zone, but the curve has flattened out, hinting at the opposition from the bearish side after a good spike in price.

Polkadot price analysis conclusion

The Polkadot price analysis and technical indications suggest a bullish momentum is on the go, but some correction might also take place as the RSI curve has flattened out during the past few hours. We expect the price may continue recovering if the support from the bullish side continues. At least the crypto pair will trade near the current price level for the remainder of the day.

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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