Polkadot price analysis: Bulls try to bounce back above $19 after substantial damage

TL;DR Breakdown

• Polkadot price analysis predicts a bullish trend.
• DOT price has increased up to $19.1 level.
• Support is present at $18.6 position.

The Polkadot price analysis is bullish for today as a considerable improvement in the price levels has been observed. The chances are now available for the traders to enter the market and take the price level even above $19. The past few days have been critical for coin value as the bearish momentum has been huge and overpowering. Yet, today the tides have turned, and the bulls are slowly rising back.

DOT/USD 1-day price chart: DOT bulls striving for the lead

The 1-day chart for Polkadot price analysis shows that the cryptocurrency progress is on the positive side, which is a promising sign for the bulls. The bulls have been successful enough to win back their lead after a clash with the bears previously. The price is currently set at $19.1 at the time of writing, gaining 0.67 percent value during the last 24 hours, and if the momentum intensifies, it is much likely to go even higher. The moving average (MA) indicator is still above the price level, i.e., at $20.7, as the bearish momentum has been humongous previously.

The volatility is also mild, which is a positive indication for the bulls but the bearish pressure still weighs on the price action, with the upper Bollinger band reaching $22.5 representing the strongest resistance for DOT, and the lower band reaching $16.8 representing the strongest support for DOT. The Relative Strength Index (RSI) score, on the other hand, is hovering at index 40, and the indicator curve is also not steep.

Polkadot price analysis: Recent developments and further technical indications

The 4-hours chart for Polkadot price analysis is currently going supportive for the bulls after a loss in price in the past hours. The bullish momentum has taken the price levels to $19.1, which is not too high but still a great effort from the bulls. The moving average is $18.9, which is below today’s price level, thus a strong bullish indication.

The Bollinger bands are displaying the following figures; the upper Bollinger band is present at $22.1 while the lower band is present at $17.6, respectively. The short-term trending line is going in favor of the bulls, yet there is a strong chance of a drop in price in the upcoming weeks. The RSI score is 36, which is on the lower side, hinting at the bearish pressure.

Polkadot price analysis conclusion

From the above 1-day and 4-hours Polkadot price analysis, we can see that the bulls are putting in their efforts to fight back the bearish momentum. The DOT/USD price levels have reached $19.1 today, which is a great achievement for the bulls. The resistance from the bears is still there, and the psychological mark of $20 can only be crossed if the bulls get more support.

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