Polkadot price analysis: Bulls push DOT/USD past $7.06 mark

By November 6, 2022Polkadot
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Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows a bullish trend
  • DOT/USD is facing resistance at $7.23
  • Support for DOT is seen at $6.96

The Polkadot price analysis is on the bullish side as bulls push DOT/USD past the $7.06 mark. The cryptocurrency is currently facing resistance at $7.23, but if it can break through this level, it could see further gains in the coming days. Support for DOT can be found at the $6.96 level, and a break below this could signal a potential retracement in price.

The DOT/USD has been gaining momentum in the past week, as the cryptocurrency’s fundamentals continue to strengthen. The Polkadot price analysis has gained 1.10 percent in the last 24 hours, and it is currently trading at $7.10. The 24-hour trading volume for DOT is $323 million, and the market cap currently stands at $7.98 billion.

Polkadot price analysis 1-day price chart: DOT resurges in search of recovery

The one-day price chart showing Polkadot price analysis is going smoothly toward a restoration of the coin value. The bulls are likely to continue this trend in the following days even if there might be some corrections on the way to new highs. The moving average (MA) on the daily chart is currently at$6.68, but the resistance is located at the $7.23 mark which Polkadot will have to break in order to continue its bullish run.

Source: Trading view

The SMA 20 is going higher, and the volatility is also high for the 1-day chart, indicating that the bullish momentum will further intensify. The Bollinger bands are also showing us the following values; the upper band is present at $7.14, while the lower band is present at $5.61 representing support. With the sudden uprise in the price, the Relative Strength Index (RSI) also balanced itself at index 56.60, which is quite impressive for the bulls.

Polkadot price analysis 4-hour price chart: DOT/USD faces rejection at $7.23

The 4-hour price chart for Polkadot price analysis is displaying promising signs for the bulls. Bullish momentum is securing its place on the chart, with the price expected to cross the $7.23 resistance. The bearish pressure, however, is also not to be neglected as the bears might try to gain control and push the price down.

Source: Trading view

The MA levels are moving in a smooth manner toward $7.06 just the same as the current trading price. The SMA 20 is also moving upwards, indicating that the bullish pressure will continue to increase in the following days. The Bollinger bands are showing us a slight upward curve, with the upper band at $7.37 and the lower band at $6.28 as support. The RSI is showing us a value of 69.16, which indicates that the market is still neutral with slight inclinations toward bullish sentiments.

Polkadot price analysis conclusion

To sum up, the Polkadot price analysis is showing a bullish trend with DOT/USD currently trading at $7.06. The hourly and daily charts are displaying promising signs for the bulls, with the current support levels at $6.96 maintained, then there is a great chance that cryptocurrency will continue upside towards the $7.23 resistance mark.

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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