Polkadot Price Analysis: DOT Increases By 4.5 Percent As the Price Hits $6.20

By March 30, 2023Polkadot
Click here to view original web page at www.binance.com

Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research.See full terms here.

29-03-2023 18:07

The price movement is in a bullish direction, according to the Polkadot price analysis for today. However, despite today’s bullish trend, the price fell over the previous eight hours. Since yesterday, the bulls have been in control, which is why an ongoing uptrend has been seen. However, given that prices have generally gone up today, buyers still have a chance. On the other hand, the four-hour price study indicates that the price is still declining, which is not encouraging news. The price of the cryptocurrency is anticipated to end in the green, though.

DOT/USD 1-day price chart: Bulls continue their upwards journey

As the bulls attempt to make a comeback for the second straight day, the 1-day Polkadot price analysis anticipates a rise in price. Today’s price increase to $6.19 is encouraging for buyers as the coin’s worth increased by 4.5 percent over the previous 24 hours. Given that the recent tendency has been bullish, the moving average (MA) value is at $6.10, which is below the current price but above the SMA 50 curve.

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

Since the volatility has decreased, we can assume that future price variations will also decrease. The Bollinger bands’ values have also changed, with the higher value now at $6.62 (strongest resistance) and the lower value at $5.56 (support for DOT/USD), respectively. Last but not least, the Relative Strength Index (RSI) score has increased to index 50, which is still a neutral value, but the upwards curve of the indicator is pointing to the market’s purchasing activity.

Polkadot price analysis: Recent developments and further technical indications

As the price dropped once more in the previous few hours, the bulls took advantage of the circumstance. The price fell from $6.27 to $6.20, indicating a return of bearish behavior, according to the 4-hour Polkadot price analysis. On the other hand, the moving average value is currently $6.12, which is lower than the market price of the coin.

DOT/USD 4-hours price chart. Source: TradingView

The Bollinger bands are expanding on the 4-hour chart because volatility has increased significantly since yesterday. This is a good indication because it suggests that the price movement will likely turn upwards once more. At $6.02, the Bollinger bands average is currently forming. Contrarily, the current values of the upper and lower Bollinger bands are $6.29 and $5.75, respectively. The RSI curve is moving downward in the neutral region. At the time of writing, the score had dropped to an index of 58 due to the recent selling action.

Polkadot price analysis conclusion

The Polkadot price analysis for the given 1-day and 4-hour time periods indicates that the trend is bullish today overall, but the price has dropped in the last eight hours, which is a little longer than usual for a correction on a bullish day. If we compare the current price to its levels from last week, it is in a relatively stable situation at $6.20.

All Today's Crypto News In One Place