Polkadot Price Analysis: DOT Bulls Rebound in the $6.55 Area as Bullish Momentum Escalates

By October 29, 2022Polkadot
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Polkadot Price Analysis: DOT Bulls Rebound in the .55 Area as Bullish Momentum Escalates
Polkadot Price Analysis: DOT Bulls Rebound in the $6.55 Area as Bullish Momentum Escalates 1

Polkadot price analysis shows sideways movement for the day as the price is slowly recovering. The price has been under the bearish shadow for the past few days, but today is seeing a rebound in bullish momentum. Prices are facing resistance at $6.68 and a break above this resistance level could result in prices testing the $7.00 resistance level. Critical support is seen at the $6.43 level. And a break below this support could see prices drop back to the $6.25 support level.

The price is up 1.53 percent in the last 24 hours and is currently trading at $6.55, the price opened at $6.49 today but the bull run was short-lived as the price corrected higher, to reach the current level. The 24-hour trading volume is $276,040,641, and Aave’s total market cap is now $7,410,397,422.

DOT/USD 1-day price chart: bulls continue to push prices higher as the coin touches $6.55

The 1-day Polkadot price analysis shows that the market has been in a strong uptrend since earlier today when it surged to the current high of $6.55. Polkadot prices have remained in a tight range between $6.30 and $6.60 for the past few days as bulls and bears battle for control of the market. Further recovery is possible in the coming days if the bullish momentum continues.

Source: Trade View

The 50-day moving average is currently flat and the 200-day moving average is still rising, suggesting that the long-term trend is still bullish. The RSI is currently above 50, which suggests that the market still has some room to move higher before becoming overbought. The MACD line is currently above the signal line, which indicates that the market is in a strong uptrend.

Polkadot price analysis on a 4 hour price chart: DOT/USD is trading above $6.50

On the 4 hour chart, Polkadot Price Analysis, we can see that the market has formed an ascending parallel channel and is currently trading at the upper border of the channel. Prices recently broke out of a symmetrical triangle pattern, which is a bullish sign. The market is expected to return to the $6.55 level before resuming its upward movement. The bears will attempt to take control of the market if prices break below $6.68.

Source: Trade View

The 4-hour RSI currently stands at 61.88, which is in the overbought territory and indicates that a correction may be due in the market. The MACD line indicator is currently above the signal line, indicating that the market is in a strong uptrend but losing momentum. The 50-moving average and the 200-moving average are both still rising, suggesting that the long-term trend is still bullish.

Conclusion of the Polkadot price analysis

In conclusion, Polkadot price analysis shows that the market is in an uptrend as the price is expected to keep increasing in the coming days. The market will have a hard time maintaining this level. However, the overall market sentiment is bullish. Technical indicators are in favor of the bulls, suggesting that further upside is possible in the near-term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.

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