Polkadot price analysis: Bullish momentum aggravates as price heightens to $44.3

TL;DR Breakdown

  • The price has increased up to $44.
  • Polkadot price analysis shows bullish trend.
  • Support is standing strong at $27.62.

The latest Polkadot price analysis shows that the bulls have been ruling successively for the past few weeks. The progress has been commendable as a constant uptrend has been observed. The price has reached a $44.28 position today because of the rise in bullish momentum. Although the price experienced a downfall earlier this week, it is again back on track according to the one-day and four hours price charts.

DOT/USD 1-day price chart: Price mounts above $44 as bullish momentum intensifies

The one-day Polkadot price analysis is confirming that an uptrend has been taking place for the past few weeks. Even today, an upward price movement has been recorded because of the bullish lead. The price is now settling at the $44.28 level, and it is highly expected that it will soon cross the resistance present at $45.83 as well. Meanwhile, the moving average (MA) value in the one-day price chart is going at $41.3.

Polkadot price analysis: Bullish momentum aggravates as price heightens to $44.3 1
DOT/USD 1-day price chart. Source: TradingView

A crossover between SMA 20 and SMA 50 curve was recorded during this month, which is also a bullish sign. The Bollinger bands indicator is dictating the following values for the day; the upper value is at $45.83, while the lower value is at $27.62. The Relative Strength Index (RSI) score is extremely close to the overbought mark i.e. at 68.28.

Polkadot price analysis: Upward trend enables price to overcome $43.59 hurdle

The price is going high once again according to the four hours Polkadot price analysis. The bullish momentum has been consistently increasing which is why the price has been able to cross the $43.6 resistance as well. Currently, the price is standing at the $44.28 level, because of the bullish efforts. A crossover between SMA 20 and SMA 50 took place in the last four hours as well, which is also confirming the upturn in price.

Polkadot price analysis: Bullish momentum aggravates as price heightens to $44.3 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility has been increasing which, on the other side, is not an encouraging signal. The upper Bollinger band is standing at the $43.6 mark whereas the lower Bollinger band is currently at the $39.63 mark. The RSI curve is almost touching the overbought range as the score increased to 67.4 as well.

Polkadot price analysis: Bullish momentum aggravates as price heightens to $44.3 3
DOT/USD technical indicators chart. Source: TradingView

The overall indication for the cryptocurrency is going towards the bullish side, as the price has improved remarkably in the last three months. There is a strong bullish signal with 17 indicators on the buying position, nine indicators on the neutral position, and zero on the selling position.

The moving averages indicator is favoring the buyers as well by giving a strong bullish signal. There are a total of 14 indicators present on the buying position, one indicator on the neutral position, and again no indicator is there on the selling position. The Oscillators are indicating similar results, with eight oscillators at a neutral level, three oscillators at buying level, and zero at selling one.

Polkadot price analysis conclusion

The bulls are getting stronger each day as the price has heightened up to the $44.28 level. This is a huge accomplishment for the buyers, as the price has been at its highest point if compared to its previous progress. A further uprise in price is highly anticipated as the hourly prediction is giving support for the buyers as well.

Disclaimer. The information provided is not trading advice. 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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