DOT prices correct higher while bulls defend the $17.00 support

TL;DR Breakdown

• Polkadot price analysis shows an uptrend
• DOT prices have set key support at the $17.0 level
• Polkadot prices are facing resistance at $18.00

Polkadot price analysis shows the DOT/USD pair opened the daily trading session trading at $17.93 after a slight bullish correction from the intraday low of $17.60 set on Tuesday. The market bulls have been in control of Polkadot’s price action since the beginning of this month as it surged higher from lows around $12.50. The market has seen two consecutive green daily candlesticks forming higher highs and higher lows.DOT prices corrected higher while bulls defended the $17.00 support. However, a bearish candlestick pattern has emerged on the 4-hour chart that could invalidate the uptrend and trigger a sell-off in DOT/USD. Polkadot’s price is at risk of a sell-off if bulls fail to hold the $17.60 support.

Polkadot price movement in the last 24 hours: DOT/USD prices likely to break higher

DOT prices have been on an uptrend in the last 24 hours as the market corrects higher from yesterday’s low of $17.60. The uptrend is facing resistance at around $18.00, which bulls will need to break for DOT/USD to resume its upside momentum. On the downside, support is expected at $17.60 and $17.30. The prices have been trading between $17.23 and $18.0 as the price increased by 1.53 percent.

Polkadot price analysis on a 1-day price chart indicates the increasing bullish momentum as the moving averages converge. The 50-day SMA crossed above the 200-day SMA, which is a bullish indicator. Moreover, the RSI indicator is trading in the overbought region but is not showing any bearish divergence, which indicates that the uptrend could continue in DOT/USD. The MACD line is currently above the signal line, which is also a bullish indicator.

Polkadot price analysis on a 4-hour price chart: Bulls stumble at $18.00

On a 4-hour timeframe, DOT prices have formed a bearish candlestick pattern, which is a sign that the market could be due for a sell-off. The market has been facing resistance at the $18.00 level, which is the 61.8 percent Fibonacci retracement level of the recent sell-off from $20.50 to $15.60. The RSI indicator is currently trading in the overbought region, which is a sign that the market could be due for a correction. Moreover, the MACD line is currently above the signal line but is showing signs of bearish divergence, which is another bearish sign.

The bearish candlestick pattern could invalidate the uptrend and trigger a sell-off in DOT/USD if bulls fail to hold the $17.60 support. On the downside, support is expected at $17.30, which is the 50 percent Fibonacci retracement level of the recent uptrend from $15.60 to $18.00.The SMA 200 and SMA 50 are still showing a bullish crossover, which is a sign that the market could continue its uptrend.

Polkadot price analysis conclusion

To conclude, Polkadot price analysis shows an uptrend in DOT/USD as bulls defend the $17.00 support. Polkadot prices have established a strong support level at the $17.60 level, which is the 38.2 percent Fibonacci retracement level of the recent sell-off from $20.50 to $15.60. The market is currently facing resistance at around $18.00, which is the 61.8 percent Fibonacci retracement level of the same sell-off.

The market is expected to continue its uptrend as long as bulls can defend the $17.60 support level. On the downside, support is expected at $17.30, which is the 50 percent Fibonacci retracement level of the recent uptrend from $15.60 to $18.00.

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