Polkadot price analysis: DOT gains 3.53 percent as price reaches $8

Today’s Polkadot price analysis reveals the price movement is in the bullish direction. However, the price underwent a decline during the last four hours, despite breaking upwards today. The bulls have been at lead for the past few days, which is why a constant uptrend has been observed since 26 July 2022. Still, the chances are available for the buyers as overall the price has increased today. According to the four hours price analysis, the price is still going down, which is not promising news. However, the cryptocurrency’s price is expected to close in greens.

DOT/USD 1-day price chart: Bears pull back price levels to $8 by opposing further gains

The 1-day Polkadot price analysis is predicting a rise in price as the bulls are trying to make a recovery for the fourth day consecutively. The price has moved up to the $8 level today, which is encouraging for the buyers as the coin has gained 3.53 percent value during the last 24 hours. The moving average (MA) value is standing on the $7.41 mark, below the current price but above the SMA 50 curve, as the dominating trend during the past few days has been bullish.

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

The volatility has increased, by which we can presume that the price variations will be high. The Bollinger bands values have shifted as well as now the upper value is positioned at $8.18, representing the strongest resistance, and the lower value at $6.16, representing the support for DOT/USD. Lastly, the Relative Strength Index (RSI) score has moved up to index 59 as well, which is still a neutral number, but the upwards curve of the indicator is hinting at the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The bears have taken advantage of the situation as the price decreased once again in the last couple of hours. The 4-hour Polkadot price analysis shows signs of bearish activity resuming back as the price dropped down to $8,08 from the $8.26 level. The moving average value, on the other side, is trading at $7.97 below the current price.

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

The volatility has significantly increased since yesterday, which is why the Bollinger bands are expanded, and a positive sign is the upwards movement of the indicator, as it can be expected that the price movement will remain in the upwards direction. The Bollinger bands average is now forming at $7.44. The upper Bollinger band value, on the other hand, is now $8.61, while the lower value is $6.28. The RSI curve is traveling downwards in the neutral range after touching the border of the overbought region. The current selling activity has decreased the score to index 63 at the time of writing.

Polkadot price analysis conclusion

The given 1-day as well as the 4-hours Polkadot price analysis predict that trend is bullish today overall, but on the other hand, the price has decreased in the last four hours, which means that there is a strict chance of the bears returning back to lead in the future. The price is now at $8, which is a comparatively stable position if we compare it to its last week’s levels.

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.

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