Recent Polkadot price analysis shows that cryptocurrency has been on a bullish trend for the last 24 hours. After breaking out of the symmetrical triangle pattern, DOT/USD prices soared to new all-time highs at $8.50. Currently, the price is trading at $8.73 and looks to be building bullish momentum for another leg up. The Resistance for DOT is seen at $8.77 and a break above this level could see prices rally to $10.While the support for DOT/USD is seen at $7.79, a drop below this level could see prices retest the $7.32 support.
The digital asset has increased by more than 9.08 percent in the last 24 hours and the market capitalization has increased to $8.68 billion. The 24-hour trading volume has also increased and is currently at $874 million.
Polkadot price analysis 1-day price chart: Bulls continue to dominate as DOT/USD price nears $8.73
The 1-day Polkadot price analysis chart shows that the cryptocurrency has been on an uptrend for the last few hours. The market has made higher highs and higher lows, which is a bullish sign. The price opened at $8.01 and has slowly risen to its current price of $8.73 mark which is near the all-time high price.
The MACD indicator is also in the bullish zone, which indicates that the bulls are in control of the market. However, the RSI indicator is close to the overbought levels, which could indicate a slight correction in prices. Prices have also managed to stay above the 50-day simple moving average, which is a bullish sign as 200-day SMA stays well above the current market price.
Polkadot price analysis on a 4-hour price chart: DOT/USD is facing resistance at $8.77
The 4-hour chart for Polkadot price analysis shows that the prices have been following an ascending channel formation since the start of this month. The recent breakout above the channel has seen prices surge to new all-time highs. The bears and bulls are currently battling for control around the $8.77 level, which is the key resistance level for the DOT/USD pair.
The 4-hour MACD line(blue) is above the signal line, which indicates that the bulls are in control of the market. The RSI indicator is currently at 63 levels and is slowly moving towards the overbought territory, which could indicate a slight correction in prices. The 50-day SMA and the 200-day SMA are well below the current market price, which is a bullish sign.
Polkadot price analysis conclusion
To conclude, Polkadot price analysis, the market looks to be in a bullish trend as prices have been trading above the $7.79 support level. The market is currently facing some buying pressure at the $8.77level, which is likely to provide some support in the near term. The buyers should look to take control of the market if they can push prices above the $8.14 level and target the $9 levels and $10 levels in the near term.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-07-30/