Valuing at $5.50, Polkadot (DOT) Bull Run is Projected To Carry On

By November 24, 2022Polkadot
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Valuing at $5.50, Polkadot (DOT) Bull Run is Projected To Carry On
  • DOT price hiked to $5.50 as of publication time.
  • Technical indicators hint that the DOT bull trend will continue.

Following several hours of bear dominance, Polkadot (DOT) bulls were able to pounce and invalidate the trend, propelling DOT prices up by 1.45% to $5.50 as of press time.

The Web3 DApp, which has enhanced staking and transfers on Polkadot, supports this upswing. The market capitalization of DOT surged by 3.30% to $6,357,210,853, reinforcing the bullish ascendancy. Low market interest remained present, nevertheless, as seen by the 17.36% dip in 24-hour trade volume to $221,956,698. This occurred as a result of the asking prices for the sellers not being as low as offers made by potential buyers.

DOT/USD 24hour price chart (source:CoinMarketCap)

This trend indicates a rise in market volatility as the Bollinger Bands on the 2-hour price are widening, with the upper band touching at 5.53 and the lower band reaching at 5.21. This market mood is likely to persist as the market price fluctuates toward the top range.

With a reading of 0.05, the Moving Average Convergence Divergence (MACD), a bullish signal, trends above the signal line and in the positive region. The optimistic histogram trend with a reading of 0.02 is extending the current bulls’ rampage.

On the 2-hour price chart, the Rate of Change (ROC) is advancing with a reading of 3.20, suggesting that the prevailing bull run will endure.

DOT/USD 2-hour Price Chart (source: CoinMarketCap)

A golden cross, which is a bullish indicator, is formed on the DOT price chart as a short-term moving average crossed over a longer-term one. This is evident at the locations where the 5-day MA and the 20-day MA contacted at 5.47 and 5.37, respectively. As long as the price oscillates above both MAs, additional bullish control is expected to remain.

The Stoch RSI trend, which is overbought with a value of 88.39, is dimming this positive trend and unsettling investors. However, this trend just serves as a warning to traders because a price reversal is not always necessary.

DOT/USD 2-hour Price Chart (Source: CoinMarketCap)

As long as bulls hold onto the resistance level, it is anticipated that bullish dominance will persist in the Polkadot (DOT) market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Valuing at $5.50, Polkadot (DOT) Bull Run is Projected To Carry On appeared first on Coin Edition.

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