Polkadot price analysis: DOT recovers to $9.96 as it nears the $10 psychological mark

The Polkadot price analysis shows the bullish influence. DOT/USD has been maintaining its price levels for the past few days, as the support at $8.6 has played its part in supporting the price function. However, DOT already underwent extreme devaluation during the past month as the larger trend is still bearish. Today the uptrend has been initiated again as the bulls have taken control over the price function. It can be expected that the DOT will continue to recover value today.

Overall the cryptocurrency market has observed positive sentiment with a bullish trend being followed by most coins, including the Bitcoin and Ethereum reporting a small increase in value, with some coins still reporting losses, and it seems like selling pressure is building up again in the market.

DOT/USD 1-day price chart: Bulls leading the market

The 1-day price chart for Polkadot price analysis shows the price has increased slightly today, and Overall, DOT has been struggling to maintain the price level. The coin is trading hands at $9.96 at the time of writing today. The DOT/USD traded in a narrow range of $9.83 to $10 today. The crypto pair still reports a loss of 2.35 percent over the last 24 hours and a loss of 10.17 percent over the past week. The trading volume has increased today by more than 86 percent. However, the market dominance has been noted to be 0.78 percent only.

DOTUSD 1 day price chart 2022 05 24
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for Polkadot, but the Bollinger bands show convergence now, which is not a good sign for the coming day. The upper limit of the Bollinger bands at $14.3 represents the strongest resistance for DOT, the lower limit at $7.64 represents a support level for DOT, and the mean average at $10.99 also represents the resistance zone for DOT, as it’s more relevant in the current scenario.

The relative strength index (RSI) shows a very small upwards curve and has slightly increased to index 38. The RSI is still present in the lower neutral range, which shows the bearish pressure on the coin price function. The moving average (MA) is present just above the price level at the $10 mark.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price breakout was upwards at the start of today’s session, and bulls elevated the price levels to an extent during the first four hours. Thereon some bearish obstruction has also been seen, as bearish pressure is bent on ruling out the bullish activity, and the price is decreasing again.

dotusd 4 hour price chart 2022 05 24
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is low as the upper Bollinger band is present at $10.4 and the lower band is at the $9.62 mark, and the mean average of the Bollinger bands is forming at the $10 mark. The MA is present at the $10.17 mark, and the RSI is also going slightly downwards at index 46, hinting at the selling pressure in the market.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin is under bearish pressure, though recently, some bullish efforts have emerged, bulls have already marked an uptrend at the very start of the trading session, but bulls don’t seem to have the strength to elevate price levels further up. As most of the mid-term and the short-term indications are favoring the bears, However, we expect DOT to continue upside for today if the market sentiment remains positive.

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.

Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-24/