Polkadot price analysis: DOT breaks above $5.38 barrier, as bullish momentum dominates

The Polkadot price analysis is on the bullish side today. Bulls have taken the price up to $5.38 today, after a continuous decline for the past two days, which was expected after hitting the all-time high at $7.35 on November 8th. Today DOT bulls swiftly broke the price above the $5.02 support level, now aiming for the next resistance at $5.47. On the contrary, support for DOT/USD pair is present at $5.02.

DOT/USD 1-day price chart: DOT price recovers to $5.47

The 1-day price chart for Polkadot price analysis shows the price had recovered well above $5.00 levels after yesterday’s plunge when the price stooped as low as $5.02. Currently, the DOT/USD pair is trading hands at $5.38 at the time of writing. The cryptocurrency had gained around 7.49 percent value during the last 24 hours but still reports a loss of nearly 7.84 percent over the course of the last seven days due to the downward trend of the past week, when the DOT/USD went through a significant loss. DOT/USD trading volume is currently at $251 million for today and the total market capitalization of Polkadot is worth $6.14 billion at press time as per CoinMarketCap data.

The 50 – Day Moving Average for Polkadot price analysis is at $4.58, which suggests that the cryptocurrency could continue to recover above $5.00 levels and test resistance levels of $5.47 today. The MACD indicator on the Polkadot price chart is also in favor of strong bullish momentum, suggesting a further uptrend in the near term. The RSI indicator is also at 40.66, which shows that the price has enough upward momentum.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis further confirms the bullish momentum. The last 4- hours of today’s session proved worthy for the cryptocurrency value, as a steep increment in the price of DOT/USD was noted during the hours, but selling pressure kicked in when the price went near the $5.37 mark.

The 50-hour moving average is at $5.60, while the 100-hour moving average is at $5.03 and the 200-hour moving average is at $4.71. The MACD indicator on the 4-hour price chart for DOT/USD above also shows a bullish crossover, confirming the rise in the price of Polkadot. The RSI indicator is also at 34.88, which indicates that the price might further increase in value.

Polkadot price analysis conclusion

Overall, Polkadot price analysis suggests that bulls are pushing the price higher today and a short-term target of $5.47 could be achieved by the DOT/USD soon. However, volatility is expected to remain high in the cryptocurrency market due to unclear regulatory measures.