DOT follows a bullish movement at $6.35 – Cryptopolitan

3 April 2023

in DOT

Reading Time: 4 mins read

The Polkadot price analysis shows a massive gain in today’s market. The coin is trading around $6.35, which is up by 1.29 percent since yesterday. The present bullish momentum has pushed the coin above the $6.30 area. A strong resistive pressure is seen being created near $6.39 and the coin is expected to struggle at this level for some time.

The trading volume for DOT has declined significantly in the last 24 hours and currently stands at $180 million. The coin is likely to see a surge in volume if it breaches resistance at $6.39 and moves above this level on an intraday basis. The market capitalization for DOT is currently at $7.41 billion, with a gain of over 0.18 percent in the past 24 hours.

Polkadot price analysis 1-day chart: Cryptocurrency trades above the $6.30 level

The one-day Polkadot price analysis confirms the bullish lead for today as the coin value has increased considerably. The coin value suffered during the past days as the selling pressure was persistently there, and the trend line was slightly downwards. But yesterday, the circumstances changed, and the coin has gained in the last 24 hours; the coin is trading hands at $6.35 at the time of writing, and the price may increase further.

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

The Exponential moving average (EMA) is currently standing at $6.24 and the Relative Strength Index (RSI) is at 54.17, which indicates that the coin is trading in a relatively stable market. The 20-EMA is currently above the 50-EMA, which indicates a bullish trend for DOT. The MACD indicator shows a mild bullish crossover as the moving average line crosses above the signal line suggesting a possible uptrend ahead for Polkadot price analysis.

Polkadot price analysis: Recent developments and further technical indications

The hourly Polkadot price analysis favors the buying side as well, as a strong rise in DOT/USD value has been seen today. The price breakout was upward at the start of the day, and the coin formed a cup & handle pattern to break out. The coin has further managed to sustain above the $6.30 level, which is a positive sign for DOT/USD bulls.

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DOT/USD 4-hour price chart, Source: TradingView

The Moving average converges divergence (MACD) is currently in the positive zone, as the histogram bars are in green color. The MACD line is above the signal line also suggesting a bullish momentum for Polkadot price analysis. The relative strength index (RSI) has moved above the 50-level, indicating that there is some buying pressure in the market and investors are willing to buy at current levels. The 100 EMA crosses above the 200 EMA, suggesting a bullish trend in the near future.

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Polkadot price analysis conclusion

Overall, Polkadot price analysis favors a bullish outlook as the coin is trading above its critical support and resistance levels. The buyers are expected to remain in control of the market as long as DOT sustains above the $6.12 level, which marks a strong support level for the coin. A sustained move above $6.39 will confirm a bullish trend in DOT price and it could even test levels near $7.00 in the coming days.