Polkadot price analysis: DOT heads towards $32 resistance with 8 percent surge

TL;DR Breakdown

• Polkadot price analysis shows price upped over 8 percent on the day’s trade
• After rejection at similar point last week, it remains to be seen if DOT can consolidate up to $32 resistance
• Trading volume rose more than 50 percent over 24 hours

Polkadot price analysis for the day shows the token finding a significant upturn that could take it past the crucial resistance point at $32. Price rose more than 8 percent over the last 24 hours to move as high as $30.56. Trading volume also picked up over 50 percent. After facing rejection at a similar stage last Monday, DOT is set to attempt breaching the $32 resistance once again. However, there is still potential for a downslide down to $25 as volatility is expected to come into the market after the new year holiday.

The larger cryptocurrency market showed mixed outputs over the past 24 hours, with Bitcoin declining into the $46,000s. Ethereum consolidated at $3,800, while Altcoins recorded minor increments in majority. Dogecoin rose almost 3 percent to $0.171, while Cardano and Litecoin each upped 1 percent to sit at $1.36 and $151.01, respectively. Meanwhile, Solana and Terra dropped almost 2 percent each.

DOT/USD 24-hour chart: RSI making higher lows shows bullish prospects

On the 24-hour chart for Polkadot price analysis, the Relative Strength Index (RSI) shows a strong market valuation, sitting at 52.43 and continuously rising. Price moved past the crucial 25 and 50-day exponential moving averages (EMAs) at $28.19 over the last 24 hours and looks set to move into the $30 mark by tomorrow’s trade. The Moving Average Convergence Divergence (MACD) shows a bullish reflection and sits above the neutral zone.

DOT/USD 4-hour chart: Price to hit $30 over the coming short-term trade

The 4-hour chart for the DOT/USD trade pair confirms the significant upturn as price edges closer to the $30 mark. From here, a move for the $32 resistance will be initiated, where profits could be taken out. After significant increments over the day’s trade, price sits well above the daily EMAs and into the top half of the Bollinger bands’ curves. Over the next short term trade sessions, price will be expected to rise further with seller activity also expected in tandem.

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