Polkadot’s price is now at $8. As DOT looks to move past the next price ceiling, it seems that the coin is extending its price recovery. On its daily chart, it also showed a bullish trend.
Polkadot’s handle and cup pattern have been in place for over two months. This indicates that the bulls had been strong. The bullish continuation of the price usually signals a cup and handle pattern. The Polkadot stock price has risen by more than 24% over the last week. This is a strong recovery.
According to market capital, DOT was among the most successful cryptocurrencies. Polkadot’s price increased 6% over the last 24 hour. According to technical indicators, the chart shows bullishness with DOT showing potential for breaking past the $9 price ceiling.
Polkadot’s struggle has been significant as the price of the asset was below $9 for much of its life. Even though the price fell recently, buying power rose which indicates that bulls had control.
If DOT is able to surpass the above-mentioned price ceiling, it would negate any chance of bears reclaiming that price.
Global cryptocurrency market capitalization today stood at $1.13 Trillion. This represents a 1.1% increase in 24 hours.
Polkadot Price Analysis: Four Hour Chart
The DOT trades at $8.38 as of the writing. Polkadot prices could rise to $9 if the bulls push a little. Polkadot’s struggle to overcome the previously mentioned price ceiling has continued since June.
If DOT can trade at least $9 for a substantial amount of time, then it may be able to trade in the double digits. An altcoin that falls below the current price will reach the $7.40 resistance line.
The four-hour chart shows that the Polkadot has reached higher levels than usual, which suggests that a correction is possible. The volume of DOT transactions fell significantly in the last trading session, which is a sign that there was less buying power. However, technical indicators point to an increase in buying power at press time.
Technical Analysis
As the main indicators pointed to the altcoin Polkadot being positive, the 4-hour chart showed that the Polkadot was positively interpreted. As the asset made higher highs, buyers also showed renewed confidence. Relative Strength Index was seen above the halfway line, as buyers had regained their confidence which signaled bullishness.
There is a small downtick in the RSI, which means that DOT might lose its current momentum. A move above $9 will be possible if buying power remains constant. The Polkadot market price was right above the 20 SMA line, which indicates that buyers are driving price momentum.
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Positive price movement was continued by DOT on the hourly chart. The Moving Average Convergence divergence indicates momentum and direction. MACD painted the green signal bar, signifying the beginning of an buy signal.
Bollinger Bands are a measure of price volatility, and the possibility for fluctuations within the same. Parallel bands indicate a more restricted price movement with lower volatility. An increase in purchasing power can allow Polkadot to surpass its immediate price limit.
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Featured Image from PixelPlex. Chart from TradingView.com