Polkadot price analysis: DOT swings towards $22.2 as bulls retain momentum

TL;DR Breakdown

• DOT price has increased up to $22.2 level.
• Polkadot price analysis predicts a bullish trend.
• Support is present at $20.4 position.

The Polkadot price analysis indicates that the bullish momentum has brought the price to the $22.2 level and more improvement in the coin’s value is to be expected in the coming hours. Polkadot’s price trend line has been upwards for the past few days as the coin has shown good performance over the past week, gaining significant value. The Polkadot is trying to move past the $22.3 resistance level today, which was set by the bears on 8th February; if the bullish momentum continues, then DOT may break above this resistance level as well.

DOT/USD 1-day price chart: DOT recovers 3.38 percent value

The 1-day Polkadot price analysis shows that an increase in the price value has been observed today as the DOT/USD pair is trading for $22.2 in the market at the time of writing. The DOT/USD has gained a value of 3.38 percent over the last 24 hours and shows around 22 percent gain over the course of the last seven days, which is a major improvement in the coin’s value. However, the trading volume has decreased by 1.44 percent, which is a nominal deficit but still shows a lack of momentum.

The volatility for DOT/USD is mild as the Bollinger bands are comparatively narrow, but as the last two candlesticks on the chart are green, indicating a continuous increase in price, so the bands will expand in the near future, which will indicate more volatility for DOT price, moreover, as the price is trading above the mean average line of the indicator present at the $19.6 representing support for the coin, it is expected that the bands will observe an upwards breakout in the coming days.

The relative strength index (RSI) also proves the point, as the RSI is on an upwards curve at index 53, indicating the buying activity going on in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows that the price breakout was downwards at the start of the trading session, and the price lowered to $21.5, but bullish support appeared, and the price recovered significantly during the next eight hours. However, the price function is headed down once again as price is again covering range downwards at the time.

The volatility on the 4-hour chart is mil as the volatility indicator is maintaining its extremes. Now the upper Bollinger band is at $22.84, and the lower band is at the $21.1 mark. The moving average is trading at the $21.9 mark, and the RSI shows a slight downwards curve as it trades at index 57.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the coin is trying to surpass the $22.3 resistance, as the price is still trading on the greener side. But as the price function is again headed down, we expect DOT/USD to correct for a few hours before re-attempting the said resistance again. On the flip side, if the bearish momentum intensifies, then DOT may look for support near the $20 support zone.

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