Polkadot price analysis reveals that the DOT/USD pair has gained momentum and is currently trading at $7.92. The bulls have sought support at $7.55, which is likely to provide a strong foundation for further upside in the DOT/USD pair. Key resistance for the DOT/USD pair is seen at $8.07, which is likely to limit the upside in the near term. However, if the bulls can sustain prices above this level, we could see further gains towards the $8.50 level.
The DOT/USD pair has increased in value by 1.38 percent over the past 24 hours of trading, bringing the price for each coin up to around $7.92. The token currently enjoys a market cap valuation of $7.73 billion and is the 10th-ranked cryptocurrency according to CoinMarketCap rankings. The 24-hour trading volume for the DOT/USD pair is $750 million.
DOT/USD 1-day price chart: Bulls continue to dominate as Polkadot price nears $7.92
The daily Polkadot price analysis shows that the price has been on a strong uptrend for the last 24 hours. The bulls have been in control of the market and have pushed prices higher. The DOT/USD pair has found support at $7.55, which is likely to provide a strong foundation for further upside in the near term. The bulls are currently in control of the market and are likely to push prices higher in the near term. However, if the bears can take control of the market, we could see a decline toward the $7.25 support level.
The RSI for the DOT/USD pair is currently rising and is trading above the 50 level, which indicates that the bulls are in control of the market. The MACD for the DOT/USD pair is currently in bullish territory and is showing signs of further gains. The DOT/USD pair has been trading above the Moving average indicator, which is a bullish sign.
DOT/USD 4-hour price analysis: Recent updates
Looking at the 4-hour chart, Polkadot price analysis has formed a bullish flag pattern, which is a bullish continuation signal. The prices have formed higher lows and higher highs, which is a bullish sign. The market is currently trading above the $7.70 level, which is a key support level.
The recent upsurge in prices has pushed the DOT/USD pair above the 50-day moving average (MA), which is a positive sign. Polkadot’s price analysis reveals the Relative Strength Index (RSI) for the DOT/USD pair is currently rising and is trading near the 60 level, which indicates that there is room for further upside in the market.
The MACD for the DOT/USD pair is currently moving above the signal line, which is a bullish sign.
Polkadot price analysis conclusion
Polkadot price analysis concludes that the DOT/USD pair has gained momentum and is currently trading at $7.92. The technical indicators for the DOT/USD pair are currently bullish and are signaling further upside in the market. We believe that the bulls are likely to push prices higher in the near term. However, if the bears take control of the market, we could see a decline toward the $7.70 support level.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-07-20/