Polkadot price analysis: DOT rises to $6.85 after a strong bullish run

Polkadot price analysis shows the price has entered a bullish trend for the last 24 hours. The prices have been trading above the $6.85 support level, which strongly shows bullish momentum. Resistance for the DOT/USD pair could be found at $6.92 and $6.95, while support is seen at $6.28 and $6.31 levels, respectively. The market is currently trading in a bullish trend, with prices expected to rise to new highs. The market cap also shows an improvement of 4.56 percent, which is currently at $7.97 billion at the time of writing, and trading volume is currently at $492 million.

Polkadot price analysis 1-day chart: DOT/USD is trading in a significant rising trend

The 1-day Polkadot price analysis shows a significant gain in price, as the cryptocurrency is trading at $6.85, up 5.65 percent compared to the last 24 hours. The coin has been trading within an ascending channel for the past few days and is now looking to break out of the $6.95 resistance level. The bulls are currently aiming for a breakout above the $6.95 resistance level. The 24-hour market for Solana suggests that the buying sentiment is quite strong in the market as the buyer’s volume is currently above the seller’s volume.
image 307image 307
DOT/USD 1-day price chart, Source: TradingView

In addition, strong technical indicators such as the MACD and RSI are pointing to a further increase in prices. Thus, traders should watch out for a potential breakout to the upside in the short term. Furthermore, the Bollinger Bands are also expanding, indicative of increased market volatility. The upper value of the Bollinger Bands indicator is now at $7.160, while the lower value is at $5.859

DOT/USD 4-hour price chart: Bulls continue to push prices higher

The 4-hour Polkadot price analysis indicates that the prices are currently trading inside an ascending channel. This is a bullish continuation pattern that typically signals further upside potential in the market. The bulls need to push the prices above the $6.95 resistance level to confirm the bullish trend’s continuation. On the downside, there is strong support at the $6.31 and $6.28 levels, respectively. 

image 308image 308
DOT/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) is currently at 64.10, which indicates that the market is in a neutral zone. Furthermore, the MACD is also flat and is not providing any clear signals of either trend direction at this time. Additionally, volatility is rising, which is positive news for buyers in terms of future price patterns. Similar to this, the Bollinger Bands indicator’s upper limit, which represents resistance, is currently resting at $7.038, while its lower limit, which represents the strongest support, is resting at $5.964.

Polkadot price analysis conclusion

In conclusion, Polkadot’s price analysis indicates that the prices are currently trading inside an ascending channel, which could signal further upside potential. The price improved considerably and is now touching the $6.85 mark, above the upper limit of the volatility indicator, so another correction might loom. However, traders should remain cautious as the technical indicators do not provide a clear indication of the direction of the trend.