Polkadot price analysis: Bullish momentum to continue as DOT hits $6.80

By October 31, 2022Polkadot
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Polkadot Price Analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today
  • The strongest resistance is present at $6.82
  • The strongest support is present at $6.53

Polkadot price analysis is bullish today after the price broke the $6.53 barrier to rising to $6.80 over the past 24 hours. The price levels have covered an upwards range, as the bullish momentum has proved to be quite steady. The price levels have returned to $6.80 levels, their former high, causing the bearish control to collapse for the moment. The support levels are also rising above $6.53 and may reach a new height soon if the bullish momentum strengthens even further.

DOT/USD 1-day price chart: Price returns to $6.80 increasing chances for recovery

The 1-day Polkadot price analysis is displaying encouraging signs for the buyers and motivating them to further add to the asset value. Despite the previous week experiencing a downfall in price levels, the latest trends have proved positive for cryptocurrency. DOT price has reached $6.80 at the time of writing, gaining 3.04 percent value during the last 24 hours.

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

The Relative Strength Index (RSI) index has also improved and has successfully attained the value of 48.25. The Bollinger’s band’s upper limit is at $6.77, while the lower limit is at $5.66, with a middle line at $6.21. The DOT/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish trend. Furthermore, the DOT/USD price path is moving upwards, attempting to cross the resistance, indicating bullish potential and reversal opportunities.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot, price analysis shows that the bulls have shown significant progress as the price has been on the rise from the start of the trading session, and they have leveraged the situation by increasing the price to $6.80. The strong bearish trend has been overturned after the appearance of the green candlesticks as the bulls are trying to secure their position on the price chart again.

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

The moving average value is just below the DOT price, as it is present at the $6.69 level. The volatility is increasing continuously, with the Bollinger bands keeping their average at $6.62, whereas their upper value is present at $6.83 and the lower value at $6.40. Lastly, the RSI index, as determined from the 4-hour price chart, is present at index 61.98, which is a neutral, level but lower side; however, the indicator has recovered from the undersold region.

Polkadot price analysis conclusion

Polkadot price analysis predicts that the cryptocurrency has been recovering today as the bulls have elevated the price levels after a continuous decrease. The day has seen a strong comeback from the bullish side, as the bulls have once again increased the price to $6.80. As the resistance level is quite far from the current price, there are sufficient chances of further recovery today.

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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