Polkadot Price Analysis: DOT bulls recover $6.55 range as bullish momentum builds

By October 29, 2022Polkadot
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Polkadot Price Analysis: DOT bulls recover .55 range as bullish momentum builds

Polkadot price analysis shows price volatility for the day as the price is slowly recovering. The price has been in bearish shadow for the past few days, yet today the bullish momentum is improving. The price is facing resistance near the $6,68 level, and a breakout of this resistance could lead the price to test the $7.00 resistance level. Important support is seen at the $6.43 level. And a break below this support could see the price move back towards the $6.25 support level.

The price has gained 1.53 percent over the past 24 hours and is currently trading at $6.55, today’s price is trading at $6.49, but the bull run was short-lived as the price corrected more to reach current levels. Went. The 24-hour trading position is $276,040,641, and the total market cap of Aave is now $7,410,397,422.

DOT/USD 1-Day Price Chart: Bulls continue to push price higher as coin reaches $6.55

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

Source: TradingView

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

Polkadot price analysis on 4-hours price chart: DOT/USD trades above $6.50

On the 4-hours chart, Polkadot price analysis, we can see that the market has formed an ascending parallel channel and is currently trading at the upper boundary of the channel. The price recently broke a symmetrical triangle pattern which is a bullish signal. The market is expected to return to the $6.55 level before continuing its upward move. If the price drops below the $6.68 level, the bears would like to take control of the market.

Source: TradingView

The RSI on the 4-hours is currently at 61.88, which is in overbought territory and indicates that the market could be due for a correction. The MACD line indicator is currently above the signal line, indicating that the market is in a strong uptrend but is losing momentum. Both the 50-moving average and the 200-moving average are still rising, which indicates that the longer-term trend is still bullish.

Polkadot Price Analysis Conclusion

To conclude, Polkadot price analysis shows that the market is in a bullish trend as the price is expected to move higher in the coming days. It will be difficult for the market to sustain these levels. However, overall market sentiment is bullish. The technical indicators are in favor of the bulls, which indicates that a further upside move is possible in the near term.

Disclaimer. The information provided is not trading advice. assumes no responsibility for any investments made based on the information on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Source: www.cryptopolitan.com

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