Polkadot price analysis for today shows improvement in stability after a bullish period. DOT is currently trading at $6.52, with resistance at $6.60 and support at $5.93. The bulls have been able to lead again after the bears put unexpected pressure in the market yesterday. The bullish momentum was slow yesterday due to bearish pressure, but today it seems to be accelerating again.
The digital asset has gained about 8.91 percent in the last 24 hours, as it is currently trading at the $6.52 mark. The 24-hour trading volume stands at $432 million, indicating that there is still a healthy amount of trading activity in the market, with a market cap of $7.33 billion.
Polkadot Price Analysis 4-Hour Price Chart: Latest Developments
Hourly Polkadot price analysis shows that the price continued to rise after the bulls took control in the hours after yesterday. The momentum has been strong and the price traded higher to $6.52 above the $6.50 mark. The moving average (MA) is present below the current price price at $6.28.
DOT/USD 4-Hour Price Chart, Source: TradingView
The volatility for the bulls is increasing as buyers enter the market. As volatility is increasing, Bollinger Bands, after expanding, are showing the following values; The upper band has moved up to $6.60, while the lower band has moved down to a price of $5.90. The RSI index is 60.31 at the time of writing, indicating that the market is currently in a neutral zone between overbought and overbought.
Polkadot Price Analysis 1-Day Price Analysis: Bulls Remain in Control
Daily Polkadot price analysis shows bullish momentum for the past 24 hours, with the bears unable to make any impact on the market. The bulls managed to maintain control, taking the price from $6.49 to $6.52 in a matter of days.
DOT/USD 1-Day Price Chart, Source: TradingView
However, the moving average (MA) is still below the current price as it is present at $6.07. After contracting Bollinger Bands on the daily price chart for DOT/USD, the following prices are shown; The upper band has risen to $6.57, while the lower band has dropped to $5.93. The Relative Strength Index (RSI) is currently trading at 41.77, indicating a bullish market.
Polkadot Price Analysis Conclusion
Overall, the Polkadot price analysis indicates that the bulls have retained control of the market, with DOT/USD trading at $6.52 after a bullish period. The bears may try to put pressure on the market again, but the support at $5.93 should remain firm. Resistance exists at $6.60, and if the bulls continue their bullish momentum, we can expect DOT to break this level in the coming days. However, traders are advised to keep a close watch on sudden changes in market sentiment as the market remains volatile.
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