Polkadot price analysis shows DOT price is currently at $10.08 and is trading in a bullish trend. The cryptocurrency has gained massive value and is currently facing resistance at $10.32. DOT/USD support is present at $9.70.DOT/USD bulls have managed to push the price up from $9.70 to $10.08 in a matter of hours. The cryptocurrency is currently trading above the $10 mark as bulls look to continue the uptrend.
The bulls are presently attempting to claim lost ground, according to the most recent Polkadot price analysis. They will need to push and close the cryptocurrency above $10.08 to continue the upwards move. On the other hand, a drop below the $9.70 support could see DOT price decline towards the $9.50 level.The trading volume is at $740,254,587 while market cap is at $9,866,827,949
DOT/USD price action on a 1-day price chart:
The 1-day Polkadot price analysis shows that prices have found support at around $ 9.70 after a corrective move lower from the highs of almost $ 10.40 reached yesterday. The overall market sentiment is bullish as prices continue to move higher. However, the bulls need to be careful as there are signs that prices could correct lower in the short term.
The MACD shows that the bullish momentum is still strong as the MACD line (blue) is above the signal line. The RSI indicator is currently at 61.43 which indicates that the market is currently in a state of bullishness. while MA50 and MA200 are both indicating a bullish trend as well, the support levels are at $9.70 while the resistance levels are at $10.32
Polkadot price analysis on a 4-hour price chart
The 4-hour Polk analysis shows bulls are trying to push prices higher, but they face some resistance near the $10.This encourages buyers to remain cautious until there is a breakout and close (UTC time frame) above the $10.74 resistance. The immediate support on the downside is near the $9.67 level. A successful close below $9.67 might push NEO’s price towards the key support at $8.60 levels.
On the 4-hour chart, The RSI and MACD on the 4-hour chart suggest that NEO’s price may continue to move higher in the near term. The RSI line is placed well above the 50 levels, with a positive angle. This suggests that NEO is in an uptrend and may start afresh increase if there is a clear break and close above $10.53 resistance levels.
Polkadot price analysis conclusion
Polkadot price analysis shows the market has gained a significant value over the last 24 hours and is currently trading above $10. The market is expected to continue its upward trend as bulls look to push the price above the $10.32 resistance level. However, the prices are expected to break the $10.74 resistance and above it to continue the upward trend in the near term. On the other hand, if prices fail to break out of the $10.74 resistance, a minor corrective move towards the $9.67 support is expected.
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-2022-05-20/