Polkadot price analysis: Price elevates to $22.41 as bulls continue scoring high

TL;DR Breakdown

• Coin value is standing at $22.407.
• Polkadot price analysis shows uptrend.
• Support for cryptocurrency is $16.12.

The bullish rally seems to be getting stronger as the cryptocurrency achieved another target in the past 24-hours. The bulls have been covering a high range for the past week, as the buying activity reached its peak after a reversal in market trends. Even today, the cryptocurrency received a bullish gain as the price crossed $22.407 resistance. It seems that the price will soon grow past $23.34 resistance if the current trend continues.

DOT/USD 1-day price chart: Upsweep carries coin value above $22.40 boundary

The daily Polkadot price analysis confirms a strong bullish trend for the market today as the price covered an upward movement in the past 24-hours. The buyers have been controlling the price trends for the past week as a significant rise in the DOT/USD value was observed. The bullish price curve just reached the $22.407 peak during the day because of the stronger pressure from the buyers’ end. The Moving Average (MA) stands at $20.12, quite lower than the current price.

A crossover between the SMA 20 curve and the SMA 50 curve was recorded this week as well as the bulls secured successive wins. Moving on towards the Bollinger Bands Indicator, the upper band touches the $23.34 end, whereas the lower band touches the $16.11 extreme. Lastly, the Relative Strength Index (RSI) graph shows an ascending curve, and the score has reached the 54.02 index.

Polkadot price analysis: DOT/USD devaluates to $22.40 level after bearish encounter

The four-hour Polkadot price analysis leads the sellers, as the price took a downturn in the past few hours. Overall, the bulls remained dominant during the day, but the current scenario seems to be favorable for the bears. The coin value has receded to its former height, i.e., $22.407, as the bulls faced a sudden bearish resistance. Yet, the moving average stands at a lower level, i.e., $21.82, as the bulls were leading earlier.

The Bollinger bands are seemingly converging as the volatility shifts on the decreasing side, which should be taken as a positive hint regarding future trends. The upper Bollinger band displays $23.023 of value, whereas the lower Bollinger band shows $19.70 of figures. The RSI score is exceptionally close to entering the overbought zone as the score just reached the 69.97 marker.

The market trends have supported the cryptocurrency buyers as the DOT/USD value covered many high points over the past few weeks. This is the reason why the technical indicators chart gives a bullish indication. We can spot ten indicators sitting on both the neutral and buying extremes, whereas only six are occupying the selling position.

The Moving Averages Indicator shows a bullish trend because of the constant price rise. There are six indicators on the selling side, eight on the buying and only one indicator on the neutral side. The oscillators predict a similar trend, with nine oscillators on the neutral point, two on the buying, and none present on the selling point.

Polkadot price analysis conclusion

Daily and hourly Polkadot price analysis show a bullish inclination for the day, as recorded a rise in DOT/USD market value. The price successfully reached $22.41 high and accomplished its target. Further improvement in coin value seems near and we expect DOT/USD to continue upside for today as the bullish momentum intensifies with each passing day.

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.