Polkadot price analysis is bullish today as the market witnessed a considerable improvement in price levels. The bulls led a rally that elevated the price levels to the $4.49 range. The past few days have been detrimental for the crypto pair’s value as the bearish momentum was strong and badly deteriorated the coin’s value. Yet, today the trend has changed, and the bulls have made a strong comeback. The next point where bulls may get resistance again is at the $4.50 level.
DOT/USD 1-day price chart: Bulls striving for the lead as they mark high goals
The 1-day chart for Polkadot price analysis shows that the coin price has surged high today. Bulls have covered a range from $4.41 to $4.50. The price is currently set at $4.49, as the coin has gained 0.91 percent during the last 24 hours; however, the coin is at a loss of 3.18 percent over seven days. The price has jumped above the moving average (MA) indicator, which is trading at $4.51, and the current price and the MA value are still below the SMA 50 curve due to the continuous bearish trend during the past few days.
The volatility is high, which has provided the chance for the bulls to rally high, with the upper Bollinger band reaching $5.61, and the lower band reaching $4.130 the indicator suggests a vast price envelope for DOT to oscillate within. The Relative Strength Index (RSI) score has also increased to index 36.12, and the indicator curve is also steeply upward, which indicates the high buying activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour chart for Polkadot price analysis also supports the bulls as they have been in the lead for the last 6 hours and have gained significant value for the crypto pair. Bears also tried to play in after the price broke upwards at the start of the day but were soon sidelined by the bulls. The price has been recorded to cover the range upward during the last four hours as well as it has reached $4.49, just above the current moving average indicator.
The Bollinger Bands are displaying the following figures; the upper Bollinger band is present at $4.54 while the lower band is present at $4.38, respectively, and the price has shooted past the upper band. After traveling upwards at a sharp curve, the RSI is still moving towards the overbought boundary at index 45.16, but the curve has decreased a bit which hints at a slowdown in the buying activity.
Polkadot price analysis conclusion
To sum up, the Polkadot price analysis shows that the coin has gained good momentum during the last few hours and is currently trading above $4.49. The bulls are in the lead and have managed to push the price above the 4.41 support level, which has been a strong resistance level for the past few days.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-12-26/