Polkadot price analysis: DOT stabilizes after a bullish period at $6.52

By October 26, 2022Polkadot
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Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today
  • The resistance for DOT is present at $6.60
  • Support for DOT/USD is found at $5.93

Polkadot price analysis for today shows an improvement in stability after a period of bullish momentum. DOT is currently trading at $6.52, with resistance present at $6.60 and support at $5.93. The bulls have been able to lead again after the bears pressured the market unexpectedly yesterday. The bullish momentum was slow yesterday due to the bearish pressure, but it seems to be picking up again today.

The Digital asset has gained approximately 8.91 percent in the past 24 hours, as it is currently trading at the $6.52 mark. The 24-hour trading volume is at $432 million, showing 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

The hourly Polkadot price analysis shows a continuous rise in the price after the bulls took control of the situation in the later hours yesterday. The momentum has been strong, and it has taken the price to $6.52, breaching the $6.50 mark. The moving average (MA) is present at $6.28, below the current price value.

DOT/USD 4-hour price chart, Source: TradingView

The volatility is increasing for the bulls as buyers have entered the market. As the volatility is increasing, the Bollinger bands, after expanding, have been showing the following values; the upper band has gone up to $6.60, whereas the lower band has diverted down to a $5.90 value. The RSI index is 60.31 at the time of writing, indicating that the market is currently in a neutral zone between being overbought and oversold.

Polkadot price analysis 1-day price analysis: Bulls remain in control

The Daily Polkadot price analysis shows the bullish momentum to be present for the past 24 hours, with the bears unable to make any impact on the market. The bulls have been able to maintain their control, taking the price from $6.49 to $6.52 in just a matter of days.

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

The moving average (MA), however, is still below the current price, as it is present at $6.07. The Bollinger bands on the daily price chart for DOT/USD, after contracting, have shown the following values; the upper band has gone up to $6.57, whereas the lower band has moved down to $5.93. The Relative Strength Index (RSI) is currently present at an index of 41.77, indicating a bullish market.

Polkadot price analysis conclusion

Overall, the Polkadot price analysis indicates that the bulls have maintained their control in the market, with DOT/USD trading at a price of $6.52 after a bullish period. The bears might try to pressure the market again, but the support at $5.93 should hold firm. The resistance is present at $6.60, and if the bulls continue their bullish momentum, we can expect to see DOT breaching this level in the coming days. However, traders are advised to keep a close eye on any sudden changes in market sentiment as the market remains volatile.

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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