HomeAltcoinsPolkadot price analysis: DOT recovers $7.00 as bulls make another attempt at...

Polkadot price analysis: DOT recovers $7.00 as bulls make another attempt at $8.00

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TL;DR Breakdown

  • Polkadot price analysis suggests an upwards movement to $8.25
  • The closest support level lies at $7.00
  • DOT faces resistance at the $7.75 mark

The Polkadot price analysis shows that DOT has recovered to the $7.00 mark as the bulls were able to defend the $6.50 support level. At press time, the buying pressure is increasing, suggesting further upwards movement. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include DOGE and ETH, recording a 6.27 and a 5.09 percent incline, respectively.

Polkadot price analysis: DOT recovers $7.00

Polkadot price analysis: DOT recovers $7.00 as bulls make another attempt at $8.00
Technical indicators for DOT/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as observed in the short height of the histogram as it has only recently observed a bullish crossover. Regardless, the indicator’s darker shade suggests an increasing bullish momentum as the price action rises above the $7.00 mark. 

The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe bullish activity, the EMAs make a return to the mean position, with the 12-EMA taking the lead. In recent hours the upwards slope of the EMAs has increased, and the two EMAs have started to diverge with a bullish bias. 

The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action consolidates around the $7.50 mark. At press time, the index trades around the mean level at 50.00 and hovers at 50.63, moving upwards to show the bullish pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from either side of the market.  

The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator has started to show a narrow channel as the price action consolidates around the $7.00 mark. At press time, the indicator’s bottom limit provides support at the $6.57 mark, while the upper limit presents a resistance level at the $7.75 mark. 

Technical analyses for DOT/USDT 

Overall, the 4-hour Polkadot price analysis issues a buy signal with 10 of the 26 major technical indicators supporting the bulls. On the other hand, only six of the indicators support the bears showing a strong bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Polkadot price analysis does not share this sentiment and instead issues a sell signal with 15 indicators suggesting a downwards movement against only one indicator suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Polkadot price analysis?

Polkadot price analysis: DOT recovers $7.00 as bulls make another attempt at $8.00
4-hour price chart by Tradingview

The Polkadot price analysis shows that the bulls tried to initiate a rally but got rejected at the $8.00 mark as the bullish momentum was low and the selling pressure continued to increase. Currently, the price has recovered back above the $7.00 mark as the bulls bounced back with strong momentum.

Traders can expect DOT to move upwards to the $7.75 mark as the bears take over. Furthermore, the suggestion is supported by the mid-term technical indicators, which show. If the bulls are able to break past the $7.75 mark, the next resistance level lies at $8.25.

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