DOT market remains strong as bulls continue to rule – Cryptopolitan

The recent Polkadot price analysis shows an upward movement for the digital asset, as bulls remain in control of the market. The bullish trend is currently dominating the DOT market, with DOT’s prices trading around the $6.52 level, with a surge of 1.25% in the past 24 hours and a weekly gain of over 4%.

The market opened today’s trading in a bearish zone at $6.40 as more selling pressure was seen in the market. However, bulls managed to gain control of the market and push prices up into a bullish zone. If the buying pressure increases, the price is expected to hold above the key resistance of $6.50 in the coming days if bulls remain in control.

Polkadot price analysis 24-hour chart: Bulls drive DOT/USD to $6.52

The 24-hour Polkadot price analysis observed a rise in price because of the ongoing bullish wave. DOT overcame the sudden pressure from the bears, and the price levels have improved to $6.52 today. However, the coin also reports a decrease of 13.13 percent in terms of trading volume, which shows the selling pressure is still present in the market.

The Moving Average Convergence Divergence (MACD) highlights a positive trend as it formed a bullish crossover after forming an uptrend. The MACD line is well above the signal line, with green bars on the histogram. This indicates that the buyers are in control of the market and may take it even higher in the coming days.

The relative strength index (RSI) also moved towards the upper zone and is currently at 56.64, which indicates buying pressure in the market. Additionally, the moving average (MA) is at $6.30, which is below the current trading price, suggesting that a further upward movement could be expected in the near term.

Polkadot price analysis 4-hour chart: Recent developments and further indications

The hourly Polkadot price analysis shows a progression of green candlesticks, which shows a continuous rise in price levels for the last few hours. DOT is trading in a horizontal pattern, with the trading range on the 4-hour chart being between $6.50 and $6.60. Buyers need to hold their positions to break through the resistance and take it beyond the current resistance level of $6.58.

Technical indicators on this time frame confirm the bullish trend as the MACD line is again above the signal line. The RSI is moving toward the overbought zone and is currently at 60.16, indicating the bulls are still firmly in control of the market. The moving average indicator (MA) is currently sloping upwards and is at $6.41, suggesting that the price may continue its upward move in the coming sessions.

Polkadot price analysis conclusion

Overall, Polkadot’s price analysis reveals a bullish trend, with prices trading around the $6.52  level and buyers firmly in control of the market. If the buying pressure increases, then DOT could rise to new highs in the near future, breaking through the resistance of $6.58. However, a reversal in trend is possible if the resistance holds and buyers fail to take control.