TL;DR Breakdown
- Polkadot price analysis is bullish.
- Resistance for DOT is present at 19.7.
- Support for DOT/USD is present at $16.7.
The Polkadot price analysis is on the bullish side as another green candlestick has appeared on the chart after the DOT/USD value has undergone slight improvement today. The past few weeks have proved crucial for the bulls as the market was following a constant downtrend. But today, a slight shift in trends is being observed as the price has reached the $18.3 position once again.
DOT/USD 1-day price chart: Bulls reclaim $18.3 position after latest upturn
The one-day Polkadot price analysis indicates an upward price movement for the day as a bullish trend has been observed. Although the cryptocurrency underwent a significant decline in the past few weeks, today’s direction has been relatively supportive for buyers. The DOT/USD value is now standing at $18.3 gaining five percent value overnight, and further recovery is only possible if the bullish momentum intensifies further in the coming days. The moving average (MA) value for the day is $18.9 just above the price level.
The long-term trending line is also moving descendingly, confirming the downtrend that has been dominating the market for the past few weeks. The upper Bollinger band value is now at $30.2 representing support, whereas the lower Bollinger band value is $15.2 representing the strongest support. The Relative Strength Index (RSI) score stepped up to index 31.9 after the recent recovery.
Polkadot price analysis: Recent developments and further technical indications
The four-hour Polkadot price analysis predicts a bullish trend as the price has been undergoing constant improvement since night. But now the bulls are struggling for recovery as the cryptocurrency value started to decline again in the last four hours. The price is now $18.3 after swinging towards $18.46, but the decrease is nominal and it is expected to start recovering again in the approaching hours. The moving average value for the 4-hour price chart is standing at $17.9 below the price level.
The volatility is low, which means that the price might experience a downfall in the next few hours if the bears succeed in making a comeback. This is why the upper and lower Bollinger band values have changed to $19.2 and $17.3, respectively. The RSI curve confirms the uptrend as well, and the score has improved to index 48.
The technical indicators for DOT/USD are giving out bearish signals as the past few weeks have been crucial for cryptocurrency’s progress. There is a selling indication with 14 indicators at the selling point, nine at the neutral point, and three at the buying point.
Polkadot price analysis conclusion
The daily and hourly price predictions support the buyers as a significant rise in buying activity has been observed. The price is on its way to recovery as DOT/USD value reached $18.3 height in the last 24-hours. Further intensification in the bullish trend can be expected as the bears also lack momentum today. The past two weeks have brought quite detrimental consequences for the overall market value of DOT/USD. But now, the cryptocurrency is on its way to recovery as the price has followed an increasing movement today.
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-2022-01-28/