Polkadot Finally Experiencing a Bullish Run, Can This Price Level Serve as the Next Target?
On the 24-hour chart, Polkadot price has recently shown signs of a bullish recovery. DOT has seen increases of more than ten percent during the last day.
The value of the cryptocurrency on the market has decreased by over 3% over the previous week. Today, the biggest market movers have turned bullish, and most altcoins have followed suit.
On the one-day chart, the Polkadot technical indicator has generated positive signs. As a result of the growing demand for altcoins, more buyers have been registered for the coin.
To push over the level of imminent opposition, the coin’s price must keep climbing steadily higher. Once they break over the immediate resistance point, the bulls can rest assured that they have complete market control. If the price is able to raise over $6.87, there will be more confirmation of the bullish comeback.
The currency’s value might yet go down if there is a slowdown in purchasing activity over the subsequent trading sessions. The total value of all cryptocurrencies on the market today is $979 billion, representing a gain of 1.1% in only the last 24 hours.
Analysis of Polkadot Based on the One-Day Chart
When this article was written, DOT had a price of $6.51 per share, according to CoinMarketCap. The currency’s price has been trending downward for almost two months. Over the course of the previous day and a half, it was finally able to accumulate some profits.
The coin encountered its first significant point of opposition at $6.80, while its second important point was $7.20. A move that takes the coin’s price over the $7.20 mark will also assist it in returning to the $8 price level.
The price of Polkadot was $6.21, which served as a support line. The price of the altcoin will drop to that level with just a modest decline in the market price.
If the price of Polkadot were to drop from its current value of $6.21, it might reach $5.71. The volume of Polkadot that changed hands during the most recent trading session rose, which indicated that purchasers had resumed their presence on the market.
Analysis of a Technical Tier
Polkadot has maintained a commanding lead over the competition among sellers for the better part of this month. According to technical analysis, the market seems to be under the grip of buyers.
As a clear indication of brisk improvement, the Relative Strength Index broke beyond halfway. This showed that there were fewer buyers than there were sellers in the market.
The price of Polkadot was higher than the line representing the 20-day simple moving average, which indicated that demand was growing. Additionally, it indicated that purchasers were the primary force behind the upward price movement in the market.