Polkadot price analysis is on an uptrend, with the bulls attempting to push DOT price towards $10.24. The next few hours will be crucial for the cryptocurrency as it looks to form a higher high and continue this momentum. On the 4-hour chart, we can see that DOT/USD has formed a higher high and is currently trading at $8.09. The bulls will now look to push prices towards the $10.24 resistance. A breakout above this level could see DOT/USD rally towards the $12 region.
DOT/USD 4-hour price analysis: Recent updates
On the 4-hour Polkadot price analysis chart, the market uncertainty may result in unstable changes in DOT prices, making them more vulnerable to volatile swings. As a consequence, the upper boundary of the Bollinger’s band for DOT is $8.33, serving as a barrier against volatility. The lower limit of the Bollinger’s band is $6.41, which indicates that the market is oversold.
The DOT/USD crosses over the Moving Average line, suggesting that the market is in a bull trend. Furthermore, with the recent breakout, the price seems to be moving upwards with a promising possibility of retracing back up over resistance.
The Relative Strength Index (RSI) score for the DOT/USD pair is 63, which falls in the upper-neutral region. The RSI shows a linear trend in the stable zone, signifying consistent stability. The DOT/USD price has established itself as a firm position within the market and has stayed there. Unsteady activity causes the RSI to fluctuate and become less reliable as a predictor. The MACD for DOT/USD is currently in the bullish zone. The histogram bars are mostly red, representing a slightly bearish trend. However, the signal line has crossed over the MACD line, which is bullish. This indicates that there might be a change in trend from bearish to bullish.
Polkadot price analysis for 1-day
The price of Polkadot has fallen by nearly 15% in the last 24 hours. It’s dropped so much that the resistance and support bands are approaching. The cryptocurrency price will be influenced by volatility, making it less vulnerable to sudden changes. The upper limit of the Bollinger’s band is $10.24, serving as a significant resistance for the market.
The price of DOT/USD has broken above the Moving Average curve, suggesting a rising trend. The price rises through favorable circumstances. The bulls have taken control of the market and are on their way to maintaining this dominance for the next few weeks. The price is firmly entrenched in a haven, and volatility bands do not appear to exist.
DOT/USD 1-day price chart source: TradingView
The Relative Strength Index (RSI) of 44 indicates that the cryptocurrency is stable, according to an analysis performed by Polkadot price. Polkadot is located in the lower-neutral zone. However, its position will change as the RSI score rises, signaling strong buying activity.
Polkadot Price Analysis Conclusion
Polkadot price analysis demonstrates that the cryptocurrency has a lot of potential for good development; nevertheless, at the moment, the market is stagnant and is expected to break, which might cause difficulties for bulls.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-06-23/