Polkadot price analysis for today indicates a range-bound trading setup in the market that has been seen in the last 24 hours. The market sentiment is however bullish as the traders trade at the support trendline of $14.56 to the resistance level of $15.26. The market is expected to see an upsurge as the buyers look to target the $15.8 and $16 levels in the short term. The descending triangle pattern that has been active for the past few days is still valid and a breakout above $15.26 could see prices surge towards the $16 level. However, if prices fail to break out and close above the $15.26 level, we could see a sell-off towards the $14.56 support level.
Polkadot price action in the last 24 hours: DOT prices are unable to break the short-term resistance of $15.30
Polkadot price analysis in the last 24 hours reveals the prices have been consolidating along with the $14.56 to $15.26 range. The price of the Polkadot token is $15.20 at the moment of writing while the trading volume is totaling $525,915,541.19.The digital asset is currently ranking at position 14 while it dominates 0.87 percent of the entire digital assets market. The market is currently supported by $14.5 while it faces resistance at $15.3 in the short term as per Polkadot price analysis today.
The Polkadot market has seen some sideways trading in the last 24 hours as prices remain range-bound between the $15.20 and $15.60 levels. The market sentiment is bullish for the Polkadot token price as buyers look to push prices above the $15.60 level. The bulls could see a breakout above the resistance trendline of $15.3 to test the $15.80 and 16 levels in the near term. However, if prices fail to break out and close above this level, we could see some sell-off towards the $14.6 support level.
The technical indicators show a long-term bullish trend for the Polkadot token price as the RSI remains above level 50 to signal a buy. The MACD line is at $15.02 and is about to cross over the signal line which could see prices surge higher in value in the next few hours or days. The Parabolic SAR indicator is also above the price of candles to show that this is a long-term bullish trend.
The exponential moving averages are also pointing to an uptrend as they have been rising consistently in the last few days, which confirms the bullish signal from the rest of the indicators. The relative strength index for DOT remains at level 51 signaling further upward movement in Polkadot price analysis for today.
Polkadot price action on a 4-hour price chart: DOT prices continue to consolidate around the $15.20 mark
In the Polkadot price analysis for today on the 4-hour price chart, we can see that prices had consolidated at their current levels of $15.20 after beginning a downside correction yesterday. This has formed an ascending triangle pattern for DOT in the last few days and has now breached the long-term support trendline to open up further downside movement.
The Polkadot price action has gone as low as $15.07 before finding short-term support and consolidating at this level. The bulls could have some renewed energy if they push prices above the resistance level of $15.26 which will confirm and long-term bullish reversal. However, if prices fail to move above this level and break out below the current support of $15.07, we could see a further sell-off towards $12.9 in the next few days or weeks.
The indicators are also signaling a buy for Polkadot price action as the RSI remains at level 54 and looks set to move higher in the next few hours. The MACD line is also above the signal line which confirms a bullish trend for the DOT token price. The Parabolic SAR indicator is also well above the candles to show that this is still a long-term upward trend for Polkadot.
Polkadot price analysis conclusion
The one-day and four-hour price analysis for Polkadot price action shows that the short-term trend for DOT is upward with prices consolidating at their current levels. The MACD line is also above the signal line to confirm a bullish move in the medium term. The indicators are showing that there could be further upside movement for DOT as it makes an attempt to break out above $15.60 in the next few hours or days.
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.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-04/