Polkadot price analysis: DOT rallies towards $27 as bulls regain momentum

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TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • Support for DOT is present at $25.6.
  • Resistance is present at $28.7.

The Polkadot price analysis shows that the bulls have succeeded in making a comeback during the last 8-hours after a long bearish interval. A significant amount of recovery in DOT value has been observed as the price has increased up to $27.1 because of the latest upturn, as a strong bulls rally was observed during the first four hours of today’s trading session. The past few weeks proved extremely detrimental for the overall coin value, but now the situation is turning favorable for the buyers because of the increasing trend.

DOT/USD 1-day price chart: Cryptocurrency value bounces back to $27 after boost

The 1-day Polkadot price analysis is showing signs of an upward trend as more buying activity has taken place in the last 8-hours. The buyers are putting in their efforts to maintain the bullish lead, and the price has been uplifted to $27.1. Although the last two weeks proved quite damaging for the market value of DOT/USD, the past few days have brought positive consequences as the trend remained mostly bullish since 11th January. The price is yet to cross the $27.44 resistance.

Polkadot price analysis: DOT rallies towards $27 as bulls regain momentum 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high as the Bollinger bands are maintaining the distance, with equal space towards the upper and lower limit from the price level. The Upper Bollinger band value is present at $31, representing resistance, whereas the Lower Bollinger band value is present at $22.9 representing support for DOT price. The Relative Strength Index (RSI) score is now touching 49 after the latest uptrend in price.

Polkadot price analysis: Latest developments and further technical indications

The 4-hour Polkadot price analysis confirms that the cryptocurrency price has rallied high at the start of the trading session. The bulls have been leading the market for a while, although a drop in price is also observed just recently as the selling pressure has started to build in the market as the price touched $27.44. $27.44 is the nearest resistance level, and it is expected the bulls will make a breakthrough.

Polkadot price analysis: DOT rallies towards $27 as bulls regain momentum 2
DOT/USD 4-hours price chart. Source: TradingView

The moving average value in the four 4-hour price chart is trading at $26.6 below the price level, while the RSI also took a downturn as the selling pressure arose and had come down to index 59, after going up to index 61. The volatility is high for DOT/USD, with the upper limit of the volatility indicator at $28.1, representing a resistance zone for DOT price.

Polkadot price analysis conclusion

The Polkadot price analysis suggests the price is trading in a greener zone for today as well, as, despite the recent selling pressure, the bullish gains are comparatively higher for the day. The momentum that bulls showed at the start of the trading session shows bulls might take over the market aggressively again in the coming hours. We expect DOT to continue upside today towards its next target of $28.7.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.