polka dot price Analysis shows that the DOT price continues to trade in a bullish trend after a small gain witnessed in broader market sentiment.overall trend of Polka dot Prices seem strong altcoin At the time of writing, it is trading at $4.49, up 3.6%. To increase the chances of the rally continuing, it is critical that buyers sustain and propel the price above this key resistance level. The potential upside is that if this happens, the bulls could push the DOT price to the next resistance level of $5.5.
Bitcoin and ethereum The top 10 altcoins are posting minor gains while posting gains for the second day of the new year. Currently, the DOT is trading above the 100- and 50-day simple moving averages at the 4.35 level. and an increasingly rapid upward pressure is expected. If the bulls successfully break out of the current resistance level of $5.0, the next immediate target is $6.0.
Polkadot Price Analysis on Daily Chart: Bulls Lack Enough Momentum to Break 20-day EMA
polka dot price The Polkadot opened today’s trading session with an intraday high of $4.52 and since then bullish momentum has slowed, with the 20-day exponential moving average (EMA) likely to be crossed, according to an analysis of the daily chart. I could not do it. Even though the bulls failed to break out of his 20-day EMA, the Polkadot support looks strong with strong trading volume and a consolidation near the current price levels.
The support level is at $4.33, and if this level breaks, the Polkadot price is likely to return to its lowest level in the last three weeks at $4.21. On the other hand, if the bulls can find enough momentum to break out of the 20-day EMA and clear the $4.80 resistance level, the Polkadot price can move towards $5.0. the past few weeks.
Technical indicators point to a slowdown in momentum and the Relative Strength Index (RSI) is hovering around the midpoint, suggesting that buying and selling pressure is balanced. The ATR (Average True Range) also appears to have settled into its current range, indicating a period of low volatility.
The Fib retracement level also indicates that a breakout of the $4.80 resistance level could lead to a rally towards the 38.2% retracement level currently located near $5.25. As such, bulls should be careful. Any further bearishness could lead to a sharp drop towards his 50-day EMA, which is currently at $4.60.
Polkadot price analysis on the 4-hour chart: DOT is trading between $4.32 and $4.52
Polkadot price analysis on the 4-hour timeframe shows that the DOT is staying in a tight range, forming a horizontal channel with strong resistance at $4.52 and support at $4.32. , making it difficult for the bulls to break out of the range. Volumes are relatively high, indicating that the price is likely to fall in either direction as momentum is starting to slow. Chart patterns suggest that the bears are likely to dominate the market if the price fails to break out of the strong resistance level of $4.52.
If the bulls manage to break out of the range and make a decisive move above $4.52, it will likely test the critical resistance at $5. On the other hand, technical indicators have solid bullish sentiment as the Relative Strength Index (RSI) is approaching overbought levels and the Moving Average Convergence-Divergence (MACD) line is trading comfortably above the signal line. is shown.
The Ichimoku cloud also shows that the bulls have the upper hand in the short term, as the price is trading above both the conversion and baseline lines with a bullish bias.
Conclusion of the Polkadot price analysis
Today’s Polkadot price analysis is set for the Polkadot to maintain its bullish momentum and if the bulls manage to break out of the range and make a decisive move above $4.52, the $5 It shows that it may test a major resistance.This potential breakout could be further strengthened by technicals.An indicator that suggests strong bullish sentiment.
