Polkadot price analysis shows a bullish trend after prices opened the daily trading session at $8.96 on June 6. Following a few hours of sideways trading, prices started to move higher and reached the $9.71 mark at the time of writing. The bulls are still holding the key support of $9.0 and a strong rejection at $10.0 has been seen in the last 24 hours. The key resistance for the DOT/USD pair is seen at $10.0, above which prices are likely to rally towards $10.8 and $11.5 in the near term.
DOT/USD daily price chart analysis: Prices in a bullish trend
On the DOT/USD daily chart, prices are following a bullish trend and are trading above all major moving averages. The 50-day simple moving average is currently providing support to prices at $9.0, while the 200-day SMA lies at $8.5. A break below these levels could see prices retrace towards $7.8 levels in the short term. However, the bulls are likely to make another attempt to push prices higher in the near term.
The RSI is currently trading at 62 and is showing no signs of a bearish reversal. The MACD indicator is also in the bullish territory, which indicates that the bulls are in control of the prices. The Parabolic SAR indicator is currently showing a bullish bias, with the dots placed below the candles. Overall, the bias remains bullish for DOT/USD, and prices are likely to consolidate in the near term before making a move higher.
Polkadot price analysis on a 4-hour price chart: Prices trying to move higher
Polkadot price analysis on the 4-hour price chart shows the prices are trying to break higher and are currently up by 4.24 percent and are likely to continue moving higher in the near term. The 50-day SMA is providing support at the $9.0 level, while the 200-day SMA lies at the $8.5 level. The bulls need to push prices above the $10.0 level for a move towards $10.8 and $11.5 levels in the near term. However, if prices fail to sustain above the $10 level, a move back towards the $9.0 level is possible in the short term.
The RSI line is currently in the oversold region, which indicates that the sellers might take control in the near term. The MACD indicator is currently in the bullish territory, which supports a move higher in prices. Overall, the bias remains bullish for DOT/USD, and prices are likely to make a move towards $10.8 and $11.5 levels in the near term.
Polkadot price analysis
Polkadot price analysis reveals that the bulls are currently in control of the prices and are likely to push prices higher in the near term. Prices are expected to find strong resistance at $10.0, but a break above this level could see DOT/USD move towards $10.8 and $11.5 levels in the near term. On the downside, support lies at $9.0 and $8.5 levels, and a break below these levels could see prices retrace towards $7.8 levels in the short term.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-06-06/