Polkadot price analysis: Bullish swing results in price climbing above $6.58

By September 23, 2022Polkadot
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Polkadot price analysis

The latest Polkadot price analysis is on the bullish side as the price has undergone a considerable recovery during the past 24 hours. Bulls are successfully continuing their lead as they are trying to secure the winning position on the price chart for the third day consecutively by increasing the coin value, as the most recent progress has also been bullish. This is a promising sign for cryptocurrency buyers, as the price is again touching the $6.58 mark after the recent uplift. Further recovery may also take place as the buying momentum intensifies at a continuous rate.

The DOT/USD is up by 4.07% as the market value currently stands at $6.58. The coin has a 24-hour trading volume of $295 million, and the market cap has also increased to $7.34 billion as the price is on an uptrend.

DOT/USD 1-day price chart: Price upgrades to $6.58 after bullish efforts

The daily Polkadot price analysis shows a bullish trend as the buying activity has been on the rise for the past 24 hours. Bullish momentum has taken the price above $6.62 resistance, as an upward wave dominates the market. As the bulls are in the driving seat, the price trends are going in favor of the buyers. The coin value has been enhanced up to the $6.58 mark. The price is at a higher point than its moving average (MA) value which is at $6.50.

DOT/USD 1-day price chart Source: TradingView

The upper limit of the Bollinger bands indicator is now resting at $6.62, while its lower limit is resting at $6.27. At the same time, the Bollinger bands indicator displays an average of $6.56 below the current price level. The relative strength index (RSI) has crossed above the centerline of the neutral zone and is trading at index 43.06, hinting at the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The four-hour Polkadot price analysis confirms an increasing trend as the price is covering range upwards from the start of the trading session as the green candlesticks indicate a rise in coin value. The bullish momentum has successfully rescued the price above the $6.58 margin, and it seems like the bulls are going to achieve their next target soon. Meanwhile, the moving average in the four-hour price chart is trading at 6.54 positions.

DOT/USD 4-hour price chart Source: TradingView

The RSI score on hourly charts stands at 41.49 which is above the centerline of the neutral zone, signifying growing buying pressure in the market. The upper Bollinger band is at $6.63 while the lower Bollinger band is at $6.28, and the mean value is at $6.57 levels below the current price trend.

Polkadot price analysis conclusion

The one-day and four-hour Polkadot price analysis suggests an upward trend for the cryptocurrency as bulls are in the leading position. The bulls have managed to enhance the coin value to a $6.58 high point. The coin is expected to scale upwards as the buying activity is intense in the market, and the technical indicators are also in favor of the bulls.

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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