Polkadot price analysis: Price takes upturn to $6.47 after bullish drift

By November 3, 2022Polkadot
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Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows bullish price action
  • Resistance for DOT/USD is present at $6.52
  • Support for DOT is present at $6.19

Polkadot price analysis is indicating a bullish price movement for today after the market trends shifted towards a bullish drift. The price value, after correcting down to $6.19, has taken an upturn and is currently trading at $6.47. The bears and the bullish traders are in a tug-of-war as the resistance for DOT/USD is seen at $6.52 and support levels are present at $6.19, any break above $6.52 could lead to further bullish price action while a break below support at $6.19 could lead to bearish movement.

The DOT/USD has gained a 4.31% increase in the last 24 hours and a 0.02% increase over the past 7 days. The trading volume for DOT is currently at $588,899,545 with a market capitalization of $588,899,545.

DOT/USD 1-day price chart: Price gains stability above $6.19 after bullish trend

The one-day Polkadot price analysis shows increasing chances of recovery for the bulls as a rise in DOT/USD value is observed. The price covered an upward movement today; as a result, the coin value has heightened up to $6.47. This is a promising sign for the buyers, as earlier, the situation was quite critical because of the downswing. The price is now standing higher than its moving average (MA) value which is $0.333.

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

The volatility is decreasing because of the constriction between the Bollinger bands, which is a positive sign regarding the upcoming trends. If we talk about the upper Bollinger band, its value is $6.48, whereas the lower Bollinger band shows $6.24 of value. The Relative Strength Index (RSI) score is at 50.43 now after the recent upturn.

Polkadot price analysis: Bullish rally elevates coin value up to $6.47 peak

The four hours Polkadot price analysis confirms a strong bullish trend as the price has undergone an extraordinary improvement in the last few hours. The overall recovery has been phenomenal as the price has surpassed the $6.47 hurdle in the last four hours. It can be highly expected that the price will soon cross the $6.52 resistance in the next few hours. The moving average value in the four hours price chart is standing at $6.37.

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

The volatility is increasing, which is alarming as more downtrends might come ahead. The upper Bollinger band value has thus changed to $6.50, whereas the lower Bollinger band value has now shifted to $6.21. The RSI score jumped high to 42.80 as the bulls have been leading the market for a while.

Polkadot price analysis conclusion

The hourly and daily price predictions for Polkadot price analysis are going in a bullish direction for the day because of the sudden recovery. The uptrend is at its peak as the price has reached $6.47 height in the last 24 hours. Further upside is to follow in the next few hours if the buyers put in efforts to achieve their next target.

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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