Polkadot price analysis: DOT bulls striving for stability at $16.7. Upside to follow?

TL;DR Breakdown

• Polkadot price analysis predicts a bullish trend.
• Resistance for DOT/USD is present at $17.8.
• Support is present at the $15.4 level.

The most recent Polkadot price analysis shows an increasing bullish tendency as the price has followed an ascending movement in the last 24 hours. The price has been on a downward trend since 8th February, as bears were in the leading position. And even today, the bears have managed to continue their impact on the market by bringing the price down to $16 at the start of the trading session, but DOT rejected further downside, and the trend turned in favor of the buyers as the price has returned to the level of $16.7 now.

DOT/USD 1-day price chart: Price returns to $16.7 as bulls sidelined bears

The 1-day price chart for Polkadot price analysis shows the price movement is upwards, as the price has increased further today following the bullish lead of yesterday. Overall the DOT/USD shows an increase in price by 3.1 percent over the last 24 hours, but the cryptocurrency reports a decrease in price value over the past week extending to 16.9 percent. On the other hand, the trading volume has decreased by 28.6 percent over the last day.

Overall, the bears have been leading the market for the past two weeks, but now bulls are striving for the upper position. The Bollinger Bands Indicator is showing a change of values as well as the volatility is increasing, now the upper band is touching the $23.1 mark representing resistance for DOT, and the lower band is at the $15.4 position representing support for DOT. The Relative Strength Index (RSI) is in the neutral zone but at a lower score at index 35.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price has been progressing upwards during the last four hours of the last trading session, but at the start of today’s trading session, the market sentiment turned negative in the earlier hours, as the selling pressure started to build and the price function oscillated downwards, but thereon the bulls intervened and took the lead, and the price is recorded covering range upwards again during the last four hours. The price is now touching the $16.7 level, and it has moved above its moving average value, i.e., $16.3.

The volatility is slowly decreasing but is mild. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at $17.6, representing resistance, whereas the lower band is at the $15.7 mark representing support. The RSI curve has taken a sharp upwards turn and is trading at index 45 right now, hinting at bullish momentum gaining strength.

Polkadot price analysis conclusion

The hourly and daily Polkadot price analysis confirms an increase in coin value as the bulls have brought it up to $16.7 again. The bullish trend is expected to get stronger in the next few days as the buying momentum is on the rise. The hourly prediction is also on the encouraging side as more buying activity has taken place in the past four hours. Thus we expect DOT/USD to continue upside today towards the $17.8 resistance zone.

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