The Polkadot price analysis reveals that bulls are again trying to gather their strength, as the price has risen to $7.81 today. The Bullish momentum slowed down after the first half yesterday, and a few small corrections took place, but now the coin seems to be retesting further upside as the price started to move up. The price just broke above the $7.79 local resistance, and bulls are aiming toward their next target of $8.04 now. However, the selling pressure can return at any time as the current price level seems to be in a high resistance area, and bulls will need more strength to make a push through.
DOT/USD 1-day price chart: Bullish momentum reignites
The 24-hour Polkadot price analysis shows the bulls are leading the price function to take the price above the $8 mark. The DOT/USD price is touching $7.81 at the time of writing, reporting a 2.29 percent increase in value over the last 24 hours. At the same time, the coin reports an increase of more than 7.20 percent in value over the course of the last seven days. Today’s trading volume has slightly increased over the last 24 hours by 11.41 percent, providing a market dominance of 0.83 percent to the crypto pair.
The volatility is mild for the Polkadot as the Bollinger bands continued convergence till 6 September 2022, but now they are slightly diverging apart as compared to the past few days. The upper band has reached the $7.85 mark, which represents resistance for the coin, and the lower band has traveled to $6.74, representing the strongest support for the crypto. The mean average of the indicator is found at $7.29 below the current price level.
The relative strength index (RSI) is floating around index 54 in the upper half of the neutral zone. The RSI was trading on a sharp upwards curve, indicating more buying activity in the market previously, and now its curve doesn’t seem to be aggressive enough as selling pressure is present at the current price level.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour price chart for Polkadot price analysis shows that the price breakout was downwards at the start of today’s trading session as the coin was correcting bulls that needed to rest after a long haul of bullish price action. However, the price has been recorded to be on the increasing side during the last four hours, and bulls have successfully retested the local resistance of $7.79.
The volatility is on the higher side for DOT on the 4-hour chart as well as the Bollinger bands are expanded, with the upper band at $8.02 representing resistance on the 4-hour chart and the mean average at $7.39 representing support for the coin. The moving average is trading at $1.121 below the price level as the price jumped above MA in the last four hours. The RSI has taken on its upward curve again as it nears the overbought region at index 67, showing buyers’ dominance in the market currently.
Polkadot price analysis conclusion
The Polkadot price analysis shows that the bulls are on a march towards the next resistance present at $8.04. If the current rally continues for a few hours more, then a break above can be expected today. On the contrary, if the selling pressure arises again, we still expect the cryptocurrency to close in the upper $7 range today.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-090-10/