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Polkadot price analysis: Bulls push price back up above $5.58 after a sharp increase

Recent Polkadot price analysis indicates that the price of DOT has been on an upward trajectory, with the price reaching above $5.58 earlier today. The price has increased by over 5% over the past 24 hours and is currently facing resistance at $5.68. However, support remains strong at $5.54, indicating that further price gains are likely in the near term.

Sentiment among crypto investors is negative as Ethereum falls from its all-time high of $1,271. However, Bitcoin continues to show strong price gains, suggesting that the market as a whole remains bullish despite recent volatility as it is currently trading above $16,983.

Polkadot price analysis 4-hour price chart: DOT prices surged after breaking past the $5.68 resistance

Looking at the Polkadot price analysis on the 4-hour chart, the cryptocurrency has broken through a descending trendline and is facing resistance at the $5.68 mark. However, there is also support present at $5.54, indicating that Polkadot could maintain its current level or even continue climbing higher. The bulls may also try to push the digital asset past the $5.58 level and aim for higher levels of resistance at $5.68.

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

The Bollinger bands are diverging, which means that the volatility is increasing, and the price might experience a fall in the near term. The upper Bollinger band is now at $5.67l, and the lower Bollinger band is at $5.28. The Relative Strength Index (RSI) graph shows a downward slope, and the index has receded to 61.78 because of previous trends. The price is still quite low if we compare it to its moving average (MA) value of $5.56.

DOT/USD 1-day price chart: Price towers above $5.68 after an upward strike

The one-day Polkadot price analysis shows signs of a slight recovery in coin value, as the price curve took an upturn in the last 24 hours. This is being confirmed by the improvement in price, as it is now standing at a $5.68 high. In the prior days, the bears remained in the leading position, but today, the buyers changed a bit.

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

The Bollinger bands on daily timeframes have also widened, showing increasing volatility in the market. The upper band is currently at $5.89 and the lower band is at $5.03. The Relative Strength Index (RSI) has receded to 40.49 because of previous price movements, but it remains above the midline, indicating that the buyers may still hold some control in the market. The moving average indicator is also showing an uptrend, with the 50-day MA at $5.5.37 and the 200-day MA at $5.43.

Polkadot price analysis conclusion

To conclude, Polkadot price analysis shows a rising possibility of an upturn in price. The bullish momentum gained stability in the past 24 hours, as the price stepped up to $5.68. Further improvement is to follow if the buyers show consistency with their efforts if they aim to break through the resistance at $5.68 and possibly push the DOT/USD pair higher.

While waiting for Polkadot to move further, see our long-term price predictions on CardanoVeChain, and Shiba Inu.

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.