Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In the last few days, the cost of DOT has received much positive attention and has increased to a slight degree. On May 6, 2023, the price suddenly decreased from $5.80 to $5.62. However, the price started to gain further positive momentum the same day and regained a value of as much as $5.64. On May 7, 2023, the price saw slight highs and reached an all-day high of $6.62. Moreover, the currency price of the cryptocurrency remains around $6.62.
As of May 7, 2023, the price of Polkadot stands at $5.69, with a 24-hour trading volume of $224.12 million, a market capitalization of $5.63 billion, and a market dominance of 0.47%. The DOT price has decreased by 0.32% in the last 24 hours.
On November 4, 2021, Polkadot reached its highest price of $54.98, while its lowest price was recorded on August 22, 2020, at $2.82. Since the last cycle low, the lowest price was $4.24 and the highest was $7.85. At present, the sentiment for Polkadot’s price prediction is bearish, while the Fear & Greed Index indicates a level of 64, representing greed.
Polkadot’s current circulating supply is 987.58 million DOT, with a maximum supply of 1.00 billion DOT. The current yearly supply inflation rate is 10.02%, resulting in the creation of 89.92 million DOT in the last year. In terms of market capitalization, Polkadot is currently ranked #6 in the Proof-of-Stake Coins sector and #10 in the Layer 1 sector.
DOT/USD 1-day price analysis: Recent updates
According to the Polkadot price analysis, it appears that market volatility tends to follow a closing movement, which results in DOT prices becoming less susceptible to volatile changes. As of now, the high price of DOT is $5.70, with an open price of $5.69. On the other hand, the low price of DOT is $5.69, indicating a change of 0.16%, and a close price of $5.70.
Based on the DOT/USD price chart, it appears that the price has crossed under the Moving Average (MA) curve, which is typically seen as a bearish signal in the market. Additionally, the price is attempting to break through the support level, which could lead to a breakout in the market.
According to the Polkadot price analysis, the Relative Strength Index (RSI) score for DOT/USD is currently at 41, which falls in the inflated region. The RSI score has followed an upward movement in the undervalued region, indicating further inflation. This suggests that the buying activity in the market is dominant, and as a result, the DOT/USD price has found itself at an extremely high position within the market.
Polkadot price analysis for 7-days
Polkadot price analysis reveals the market volatility to enter a slight consistent movement; it’s beginning to squeeze as the resistance and support bands move toward each other. It is likely that the price of the cryptocurrency will follow the current level of volatility and become less susceptible to sudden changes. Currently, the high price of DOT is $5.70, with an open price of $5.67, indicating a slight increase in price. Conversely, the low price of DOT is present at $5.65, reflecting a change of 0.47%, and a close price of $5.70.
Based on the Polkadot price analysis, it seems that the DOT/USD price has recently crossed over the Moving Average (MA) curve, indicating a bullish movement in the market. The price is moving upward, and there is a positive trend in the market. It appears that the bulls have gained control of the market and are likely to maintain their dominion for the next few weeks.
Based on the Polkadot price analysis, the Relative Strength Index (RSI) for Polkadot is currently at 43, which is a stable position. The RSI score is in the central-neutral region. However, it is worth noting that the RSI score is following a downward trend, which could indicate a change in the positive trend of the cryptocurrency.
Polkadot Price Analysis Conclusion
Based on the Polkadot price analysis, it appears that the cryptocurrency has significant potential for further upward movement in the market. However, at the moment, the market seems to be favoring a potential breakout, which could prove advantageous to the bulls.
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 decision.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2023-05-07/