Polkadot price analysis: Bullish momentum intensifies as DOT enters $6 range

The latest Polkadot price analysis shows that the bulls have been ruling the price charts today. The progress has been commendable, as a constant uptrend has been observed. Due to the increase in positive momentum today, the price has achieved a position of $6.02. The market meltdown that occurred earlier yesterday caused the price to drop, but the one-day and four-hour price charts show that the coin is again back on track.

DOT/USD 1-day price chart: Upward trend enables price to rechallenge $6.11 hurdle

The one-day Polkadot price analysis is confirming that an uptrend has been taking place again. Because of the bullish lead, a higher price movement has been observed even today. The price is currently settling at the $6.02 level, and it is likely that it will shortly test the $6.11 level of resistance as well. The crypto pair has recovered from yesterday’s loss and has gained 4.34 percent more value over the last 24 hours. Meanwhile, the moving average (MA) value in the one-day price chart is at $5.99.

DOT/USD 1-day price chart. Source: TradingView

A crossover between the SMA 50 and SMA 20 curves was recorded during this week, which was a bearish sign. The Bollinger bands indicator is dictating the following values for the day; the upper value is $7.01, while the lower value is $5.59. The Relative Strength Index (RSI) score is extremely close to the centerline of the neutral zone at index 44.

Polkadot price analysis: Recent developments and further technical indications

The price is going high once again, according to the four-hour Polkadot price analysis. The price was able to cross the local resistance at $5.98 since the positive momentum has been steadily building. Because of the bullish attempts, the price is currently near the $6.02 mark. A crossover between SMA 20 and SMA 50 took place yesterday as well, which is also confirming the upturn in price.

DOT/USD 4-hours price chart. Source: TradingView

The lower Bollinger band is currently at $5.72, while the upper Bollinger band is at $6.13, indicating that volatility has been rising. When the score reached 53, the RSI curve also surpassed the neutral range’s centerline, indicating buying activity in the market.

Polkadot price analysis conclusion

The bulls are getting stronger as the price has heightened up to the $6.02 level according to the Polkadot price analysis. For the buyers, this is a significant victory because the price has been steadily rising. A further price increase is eagerly anticipated because the hourly forecast is also supporting the purchasers. However, a correction can also start, as the bulls have been rallying high for the past day.

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