Polkadot Technical Analysis: DOT/USD Remains Bullish At $6.45
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If the price does not break above $6.56, it will fall back to test the support at $6.26. DOT prices have surged by over 9% in the past 24 hours, as market optimism grew stronger. The coin is presently trading near the $6.56 resistance, which must be watched for carefully.
The value of DOT/USD has been on a tear this week, surging by over 25 percent. However, the prices were halted at $6.45 levels when the movement was cut short. The market capitalization stands at $6.03 billion, and its 24-hour trading volume is $7,116,968,704.
DOT/USD 24-Hour Technical Analysis
The Polkadot price chart, which displays 24 hours of data, indicates a rising trend as the prices increased after breaking through a descending triangle pattern. The breakout occurred early today, and the prices have been consolidating ever since. The cryptocurrency's price will reflect volatility, and it is expected to remain in a positive direction as market sentiment improves.
Source: TradingView
The Moving Average Convergence Divergence indicator indicates that the upswing is likely to continue as the MACD line surpasses the signal line. The Relative Strength Index is currently near overbought levels, implying that prices could fall in the near term.
The bulls, however, will have control as long as the prices are trading above $6.26. The 50-EMA and 20-EMA are presently at $6.37 and $6.40, suggesting that the path of least resistance is to the upside.
DOT/USD 4-Hour Technical Analysis
The Polkadot price chart on the 4-hour scale indicates that market volatility will follow an unpredictable opening movement. This will result in DOT prices being undecided beneath the resistance level of $6.56. The prices are trading inside an upswing channel, with a breakout from the current range potentially setting the tone for the next move.
Source: TradingView
The Relative Strength Index and the DOT/USD crossover north, implying that the bulls have taken control. The MACD indicator is currently near to the signal line, and a crossover might indicate that the prices will target $6.80.
The 50-period EMA is moving sideways, suggesting that the prices will stay range-bound for the near term, while the 20-period EMA is at $6.44, which provides significant support.
Conclusion
The price analysis of Polkadot indicates that cryptocurrency is set to continue its uptrend as the market sentiment remains bullish. Investors are keeping an eye on the $6.56 resistance level to start new trades. From a technical standpoint, the DOT/USD pair is in a bullish trend and a breakout above $6.56 would indicate that it may head to the $6.80 level in the near term.