Polkadot price analysis: DOT sets eyes on $17 resistance as bulls take over

Polkadot price analysis is bullish today, as price notched 5 percent today to move as high as $16.42. DOT increased for the first time since the downtrend that began on April 25, 2022 at $19.73. The 24-hour trading volume rose significantly by 32 percent, while DOT market capitalization grew 5 percent. The current trend is expected to target the $17 resistance level, along with subsequent targets at $18.38 and $19.65 while the buy level sits at $15.60. The bearish cap for DOT is set at $12.81 and the trend is set to turn bearish once the $14.20 mark is breached.

The larger cryptocurrency market posed increments across the board to follow Polkadot’s trend, as Bitcoin rose up to $39,500. Ethereum got into touching distance of the $3,000 mark, increasing over 3 percent. Among major Altcoins, Cardano soared up to $0.86 with an 8 percent uptrend, while Ripple grew 3 percent up to $0.63. Dogecoin rose up to $0.13 with a 2 percent increment, while Solana made a 5 percent jump to reach $92.24.

Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: DOT pushes up to crucial EMAs on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an uptrend over the past 24 hours to push up to the $17 resistance. DOT moved just above the crucial 50-day exponential moving average (EMA) at $15.87 over the last 24 hours and is also expected to rise up to the 200-day EMA at $18.57 before sell offs take place. Price at current trend sits beyond the demand zone at $15.04 and buyers will look to place sell orders above the $17 resistance zone.

Polkadot price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a healthy market valuation at 42.40 which is expected to decline before moving into the oversold region. The moving average convergence divergence (MACD) curve is forming a bullish divergence and could move above the neutral zone over the next 24 hours. Conversely, the bearish cap is set at $12.81 and any movement below $14 will invalidate the bullish thesis and trigger sell offs.

Disclaimer. The information provided is not trading advice. 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.



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