The latest Polkadot price analysis is on a bullish side as there has been a significant correction in the price during the last 24 hours. The bulls are successfully continuing their lead as they seek to secure winning positions on the price chart for the third day in a row, as the coin has risen in value, even as the recent progress has been bullish. This is a promising sign for cryptocurrency buyers, as the price is again touching the $6.58 mark after the recent uptrend. Further recovery may also occur as buying momentum accelerates at a constant rate.
DOT/USD is up 4.07% as the market cap is currently at $6.58. The token has a 24-hour trading volume of $295 million, and the market cap has also increased to $7.34 billion as the price rises.
DOT/USD 1-Day Price Chart: Price upgraded to $6.58 after bullish attempts
Daily Polkadot price analysis is showing a bullish trend as there has been increasing buying activity over the past 24 hours. Bullish momentum took the price above the $6.62 resistance level as an upward wave dominated the market. Since the bulls are in the driving seat, the price trend is shifting in favor of the buyers. The coin value has been pushed up to the $6.58 mark. The price is above its moving average (MA) price which is at $6.50.
DOT/USD 1-Day Price Chart Source: TradingView
The upper boundary of the Bollinger Bands indicator is now resting at $6.62 while its lower boundary is at $6.27. At the same time, the Bollinger Bands indicator is showing an average of $6.56 below the current price level. The Relative Strength Index (RSI) has crossed the centerline of the neutral zone and the index is trading at 43.06, indicating buying activity in the market.
Polkadot Price Analysis: Recent Developments and Further Technical Signs
Four-hour Polkadot price analysis confirms a rising trend as the price has been trending upward since the beginning of the trading session as green candlesticks indicate an increase in the coin price. Bullish momentum has successfully protected the price above the $6.58 margin, and it looks like the bulls are going to hit their next target soon. Meanwhile, the moving average is trading at 6.54 positions on the 4-hours price chart.
DOT/USD 4-Hour Price Chart Source: Trading View
The RSI score of 41.49 on the hourly chart is above the center line of the neutral zone, indicating increasing buying pressure in the market. The Upper Bollinger Band is at $6.63 while the Lower Bollinger Band is at $6.28, and the average price is below the current price trend at the $6.57 level.
Polkadot Price Analysis Conclusion
The one-day and four-hourly Polkadot price analysis is showing that the cryptocurrency is in an uptrend as the bulls are taking the lead. The bulls have managed to push the coin’s value higher to a high of $6.58. The coin is expected to move higher due to intensifying buying activity in the market, and technical indicators are also in favor of the bulls.
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