Polkadot price analysis: Can bullish Polkadot hit $16 overnight?

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TL;DR Breakdown

  • Polkadot price analysis turns bullish as DOT/USD price increased from $10.6 to $12.8.
  • Bulls might have already been exhausted as the market is ready to fall now.
  • In the next few hours, the price is expected to touch $11 and may fall further.
  • MACD indicators give good hope as bulls are struggling to keep up with the bears.
  • Not the best time to make a short-term investment for quick profits.
  • Polkadot is not likely to hit the $16 mark overnight

Based on our Polkadot price analysis today, the bullish sentiment in the market is higher than the bearish dips. However, over the last three hours, the market has remained predominantly bearish. Could it lead to an engulfing? It could, though the market is equally likely to recover.

Polkadot price analysis: Can bullish Polkadot hit $16 overnight? 1
Cryptocurrency heat map by Coin360

If we look at the bigger picture, we can notice that Ethereum has gone up by 8.47 percent today whereas Bitcoin jumped by 6.25 percent. The same can be observed in other altcoins such as Cardano, Ripple, Litecoin, and Dogecoin. Overall, the Polkadot market is following the same action and has increased by almost around 9.1 percent.

Polkadot price analysis: Can bullish Polkadot hit $16 overnight? 2
Polkadot Price Chart by TradingView

The daily chart of our Polkadot price analysis gives a better perspective. We can see that the market today is predominantly bearish, with the current price set on $12.2. However, this is subject to change as the day nears its end.

An increase from 29 to 37 is seen on the RSI chart. This rise is reflected by the steeply increasing gradient, suggesting room for more improvement in the market. Along with that, the histogram on the MACD analysis today lies in the pink region.

24-Hour Price Movement of DOT/USD

Polkadot Price Analysis
Polkadot Price Chart by TradingView

Polkadot took a great start at 12:00 today. The price constantly increased after yesterday’s swing low of $10.6 and went all the way up to $12.8 before falling again. In the last three hours, the market remains somewhat bearish. At this point, it looks like the bulls might have been exhausted already.

With that, Polkadot has a market cap of $11,951,074,268.39 today, standing in the 9th rank. The overall market dominance is 0.93% with a circulating supply of 977,316,788.

4-Hour Price Chart of Polkadot – Bulls might be exhausted already

Polkadot price analysis: Can bullish Polkadot hit $16 overnight? 3
Polkadot Price Chart by TradingView

For the most part, it looks like the bulls have already been exhausted and from here, the market is ready for another downfall. The graphs show a bearish trend in the last 4 hours. The RSI curve on the graph is also headed downwards currently touching 53.31.

The rapidly decreasing slope might not be a great indication. Perhaps, it is time for day traders to wait before making an investment again. Of course, the strong bullish momentum could easily hold up the short dips as per Polkadot price analysis. However, panic-selling might be ready to cause a snowball effect, which will eventually result in the market rolling down.

Though, the MACD in our Polkadot price analysis gives some good hopes. Over the last 4 hours, the histogram remains green, touching the 0.19 levels. However, a better Polkadot price analysis picture will be revealed in a few more hours. For now, the bulls are seemingly struggling to keep up with the increasing resistance.

Polkadot price analysis conclusion

After a great start, the Polkadot market is apparently going down now. Tables can turn in the coming few hours and the market can certainly recover if bulls do not give in. Right now, though, it may not be the best time for day traders to make an investment as short-term profits are not likely. With that, hitting $16 seems like a long shot and highly unlikely considering the increasing resistance.