Polkadot price analysis: Bulls rush towards $7.64 as DOT gains 7 percent overnight

The Polkadot price analysis is going bullish for today as it reveals that the price has been following an upward movement since 7 September 2022, as the bulls have constantly been striving for the lead. Bulls took the price above the $7.33 resistance yesterday and broke the price above the $7.53 resistance today. The price has risen to the highest level after 19 August 2022, marking a higher high which is a bullish sign. The coin has finally dodged the ongoing bearish trend as the coin was on the decline previously. The price has been increased up to the $7.64 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

DOT/USD 1-day price chart: Bullish momentum accelerates as price touches $7.64

The one-day Polkadot price analysis shows that the price has been following an increasing trend for the past two days. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in DOT/USD value has been recorded in the last 24 hours, as well as the price moved up to $7.64 gaining 7.60 percent value during the last 24 hours. The trading volume has also increased by 32 percent today.

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

Despite the previous bearish trend, the SMA 20 curve has been traveling higher than the SMA 50 curve. The moving average (MA) is relatively at a stable position, i.e., $7.29, below the price level. The decrease in volatility has re-adjusted the upper Bollinger band value to $7.75, representing the strongest resistance, and the lower Bollinger band value to $6.79, representing the strongest support. The Relative Strength Index (RSI) score has also increased to the index 52 levels, and the steep upwards curve of the indicator hints at the buying activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows a considerable increase in DOT/USD price has been observed during the last few hours. The price has started to recover again as a result of the constant bullish efforts. The latest upturn in price has elevated it to the $7.64 level, which has proved to be quite helpful for the overall cryptocurrency value.

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

The moving average has crossed above the SMA 50 curve on the 4-hour chart. Now the Bollinger bands average is at $7.26 point, whereas the upper Bollinger band is resting at $7.77, the lower Bollinger band is at $6.74, and the price is trading near the upper band, which is also diverging upwards. The RSI score is now touching index 64 as a solid buying activity is taking place in the market.

Polkadot price analysis conclusion

The Polkadot price analysis confirms an uptrend for the day, as the price has undergone a significant increase in the last 24 hours. Bulls have been leading the price charts for the past two days, and even today, an upward tendency has been shown by DOT/USD. A further increase in price should be expected as the hourly price chart is also showing positive signs. As the cryptocurrency price is covering a range upwards, the next resistance for bulls is present at the $8.04 level.

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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