Polkadot On A Bullish Run, Is This Price Level The New Target?

The 24-hour chart for Polkadot shows a bullish recovery. Over the last day, DOT has seen double-digit growth. The altcoin’s market value has fallen by close to 3 percent in the past week.

Major market players are optimistic, and many altcoins follow their lead.

On the one-day chart, Polkadot’s technical indicator has shown bullish signs.

Altcoin’s demand has grown, which means that the coin has more users on the chart.

To move beyond the resistance, the coin must continue to cruise up.

Bulls will have total control of the market if they move beyond the immediate resistance level. Bullish recovery will continue if we break through the $6.87 resistance mark.

Even if buying power starts to decline over the following trading sessions, the value of the coin could still fall. Global cryptocurrency market capitalization today stands at $979billion. 1.1%In the last 24hrs, there has been positive change.

Polkadot Price Analysis: One-Day Chart

Polkadot Price
Polkadot was listed at $6.40 in the one-day charts | Source: DOTUSD on TradingView

The DOT price was $6.40 as of the writing. Since almost two months, the coin has been steadily consolidating. Finally, it has seen some gains within the last 24hrs.

The coin’s immediate resistance was $6.80, while the $7.20 mark represented the second tough resistance. If the price moves higher than $7.20, the coin can revert to $8.

Polkadot was at $6.21 support. The altcoin’s price will rise if there is a slight drop in its market price.

A drop below the $6.21 mark can bring the Polkadot value to $5.71. Polkadot prices increased in the previous trading session, which indicated that sellers returned to the marketplace.

Technical Analysis

Polkadot Price
Polkadot showed an increase in purchasing strength on the 1-day chart. Source: TradingView.| Source: DOTUSD on TradingView

Polkadot is the constant seller control for the majority of March. Technical indicators finally point towards the buyers’ being in control of the market.

As a sign that the economy is on the verge of reversing, Relative Strength Index jumped past its half-line. It indicated that buyers were more numerous than sellers.

The Polkadot’s price was higher than the 20-SMA, which indicated increased demand. This also indicated that the market was experiencing increased demand.

Polkadot Price
Source: DOTUSD on TradingView| Source: DOTUSD on TradingView

All other indicators show that demand has brought buyers back into the market. Moving Average Convergence Divergence is a measure of overall price movement and price momentum for the altcoin.

MACD went through a bullish crossover. It displayed green histograms, which was the buy signal. The price direction for altcoin is also determined by parabolic SAR.

These dotted lines could be seen below the price candlestick. This was an indicator that the coin was bullish in the one-day charts.

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