The Polkadot price analysis reveals the cryptocurrency is showing a bullish bias today, as the price has risen again to $9.20 after the bullish momentum returned. The DOT started to retrace downwards on 13 August 2022, and the bears were in the lead til yesterday as a slight but constant decrease in price levels was observed during this time. But the trend underwent change today in favor of buyers, and the price has increased significantly during the last few hours. However, Polkadot is still consolidating below the $10 range and is yet unable to cross this psychological mark.
DOT/USD 1-day price chart: DOT yet unable to break above $10
The 1-day price chart for Polkadot price analysis shows that the price function is covering a range upwards as the bulls are leading the price to maintain the price levels above $9, as the DOT/USD price is trading at $9.20 at the time of writing, though still at a nominal loss of 0.18 percent if observed over the last 24 hours, but the coin shows a gain in value by more than 11 percent over the course of the last seven days, which proves bullish dominance. Today’s trading volume is comparatively more as the trading volume over the last 24 hours shows an increase of 24.56 percent, providing a market dominance of 0.86 percent.
The volatility is low for the comparatively low as the Bollinger bands are converging, and now they cover less area as compared to the past few days. The upper band is present at the $9.77 mark, which represents resistance for the coin, and the lower band is at $7.49, representing the strongest support for the cryptocurrency. The mean average of the indicator is present at $8.63, below the price level.
The relative strength index (RSI) is present at index 58 in the upper half of the neutral zone. The RSI is trading on an upwards curve, indicating more buying activity in the market. Previously the indicator’s curve was downwards for the last two days.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows that the price breakout was upwards during the first four hours of today’s session, as a good spike from $8.96 to $9.25 was observed. As the price spiked high and reached the resistance zone on the 4-hour chart, so selling pressure appeared again, and currently, the coin is retracing downwards as the price has decreased back to $9.20.
The volatility is low for DOT on the 4-hour chart despite the fact that the Bollinger bands have diverged more, with the upper band at $9.66 representing resistance on the 4-hour chart and the lower band at $8.98 representing support. The moving average is present at $9.24, just above the price level, and the RSI has taken a slight downwards turn now and has reached index 48, showing selling activity in the market.
Polkadot price analysis conclusion
The Polkadot price analysis shows that the cryptocurrency price is on the increasing side today as some recovery has been observed. The coin has gained significant value in just four hours which is a hopeful sign for the buyers, but, on the other hand, the current correction is halting the bullish movement as the coin has neared the resistance zone. However, we expect DOT to continue upside for today, but it may not break out of the consolidation as yet.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-15/