Polkadot price analysis reveals DOT price has been under bearish pressure over the past few days as the market corrects from the recent bearish rally. However, bulls have stepped in to counter the bearish pressure and push the price back up. The Polkadot price is currently trading at $9.62, which is just below the key resistance level of $10.0. The DOT price has set a key support level at $7.31, which is just below the current market price.
Polkadot price movement in the last 24 hours: Bulls gear up to push prices higher past key resistance at $10
Polkadot price analysis in the last 24 hours reveals the cryptocurrency has been on recovery from the recent lows as the market corrects. The DOT price has been on a continuous uptrend since the start of the day and has spiked by 16.22% in the last 24 hours. The cryptocurrency has been trading around a range bound of $9.56 to $10.17 in the last 24 hours with a trading volume of $1,773,418,945.02. The live market cap of the coin is currently at $8,799,043,280 while the total market dominance is 0.74 percent, ranking position 11 in the overall cryptocurrency market.
The technical indications on the daily timeframe show a strong bullish momentum as the upper band of the Bollinger band is touching the $19 level suggesting that the prices may see some bullish rally in the next few hours. The market volatility is high as indicated by the bulging Bollinger bands.
The Relative Strength Index is near the overbought region, suggesting that prices may face some selling pressure in the short term. However, the overall market trend is bullish as the 50-day and 200-day moving averages are on a continuous uptrend.
The MACD line has crossed the red signal line from below, suggesting that the market may see some bullish momentum in the short term and headed towards the $10 level. The Parabolic SAR is currently below the market price, suggesting that the market may see some bullish momentum in the short term.
DOT/USD 4-hour price chart: Prices head towards $10 as bulls push prices higher
Polkadot price analysis on a 4-hour timeframe indicates a firm bullish momentum set in the market as the prices head towards the key resistance at $10. The cryptocurrency has been on a constant uptrend over the past few hours as bulls take control of the market. The market is currently trading above the moving averages which are acting as support levels, indicating a strong bullish momentum in the market.
The RSI indicator is currently in the overbought region, suggesting that the prices may face some selling pressure in the short term. However, the overall market trend is bullish as the MACD line is above the red signal line and headed towards the $10 level. The market volatility is high as the buying action intensifies, indicated by the widening of the Bollinger bands.
Polkadot price analysis conclusion
Polkadot price analysis for today shows a bullish trend as the market corrects from the recent lows. The market is trading around a key resistance level of $10 and if the bulls can push prices above this level, we may see further upside in the DOT price. However, if the prices fail to break above this level, we may see some selling pressure as the market corrects lower. Bulls will need to add more pressure to reach the previous range highs near the $12 level.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-13/