Polkadot price analysis is bullish today, as price notched 5 percent today to move as high as $16.42. DOT increased for the first time since the downtrend that began on April 25, 2022 at $19.73. The 24-hour trading volume rose significantly by 32 percent, while DOT market capitalization grew 5 percent. The current trend is expected to target the $17 resistance level, along with subsequent targets at $18.38 and $19.65 while the buy level sits at $15.60. The bearish cap for DOT is set at $12.81 and the trend is set to turn bearish once the $14.20 mark is breached.
The larger cryptocurrency market posed increments across the board to follow Polkadot’s trend, as Bitcoin rose up to $39,500. Ethereum got into touching distance of the $3,000 mark, increasing over 3 percent. Among major Altcoins, Cardano soared up to $0.86 with an 8 percent uptrend, while Ripple grew 3 percent up to $0.63. Dogecoin rose up to $0.13 with a 2 percent increment, while Solana made a 5 percent jump to reach $92.24.
Polkadot price analysis: DOT pushes up to crucial EMAs on daily chart
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an uptrend over the past 24 hours to push up to the $17 resistance. DOT moved just above the crucial 50-day exponential moving average (EMA) at $15.87 over the last 24 hours and is also expected to rise up to the 200-day EMA at $18.57 before sell offs take place. Price at current trend sits beyond the demand zone at $15.04 and buyers will look to place sell orders above the $17 resistance zone.
The 24-hour relative strength index (RSI) shows a healthy market valuation at 42.40 which is expected to decline before moving into the oversold region. The moving average convergence divergence (MACD) curve is forming a bullish divergence and could move above the neutral zone over the next 24 hours. Conversely, the bearish cap is set at $12.81 and any movement below $14 will invalidate the bullish thesis and trigger sell offs.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-05/