Polkadot price analysis: DOT recovers to $19.64 after taking a dip. Correction to follow?

TL;DR Breakdown

• The Polkadot price analysis is bullish.
• Resistance for DOT is present at the $19.9 level.
• Support for DOT is present at $18.7.

The most recent Polkadot price analysis is bullish, as the price is recovering after taking another dip. Since 4th April, DOT has been on a downwards pattern, and yesterday the price levels dropped again from $20.33 to $19.29. Yet today, the trend has changed, and bulls have elevated the price levels up to $19.64; as can be seen, the coin is trading in a narrow range today, but the price oscillation is upwards. The next resistance for DOT is present at the $19.9 level, where selling pressure may arise again, and bulls need more push to make it through this resistance level.

DOT/USD 1-day price chart: DOT recovers after a downtrend

The 1-day Polkadot price analysis shows the coin has got support at $19.29 after falling down at a faster pace. The recovery is slow as the DOT/USD pair is trading hands at $19.64 at press time, still reporting a loss of 3.77 percent in value over the last 24 hours due to yesterday’s bearish price function. The coin also shows a loss of 12.12 percent over the past week as the recent short-term trend line is forming downwards. However, the trading volume has increased by 8.90 percent today.

The volatility is high, as the volatility indicator suggests, and the DOT is trading near the lower limit of the Bollinger band, which is present at $18.78, indicating the strongest support for DOT, whereas the upper limit is present at the $23.7 mark.

The relative strength index (RSI) shows a slight upwards movement as the trend changed for today. The RSI indicates a buying activity in the market as it trades at index 45 near the centerline of the neutral zone.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows that the price breakup was upwards at the start of today’s session, and bulls are continuing their efforts as the price has been seen increasing during the last four hours as well. Collectively the coin has been on recovery for the last eight hours, and yet no selling pressure has been observed, but the bullish momentum also seems weak.

The volatility is again decreasing on the 4-hour chart as the price function is oscillating at a slower pace. The upper limit of the Bollinger bands is present at $21.36, whereas the lower band is present at $19.21, which is the lowest technical support level in the current situation. The RSI is near the under-sold region at index 34 after recovering from the borderline.

Polkadot price analysis conclusion

The market has seemingly turned bearish at large, but today DOT is recovering as per Polkadot price analysis. Currently, DOT/USD is trading at $19.65 after recovering for almost eight hours today, and a further improvement in price levels can also be expected if the bullish momentum sustains. On the other hand, if the selling pressure returns, then DOT may step down to the $18 range.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.