Price Analysis

Polkadot Price Analysis: Will DOT Price Reclaim $8 This Weekend?

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Jul 16, 2022

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Article Highlights
  • Polkadot price analysis is bullish today.The strongest resistance is at $7.72 and strongest support is at $6.14.

Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In the last few days, the cost of DOT has received much positive attention and has increased to a significant degree.

On July 14, 2022, the price suddenly jumped from $6.09 to $6.70. 

The price began to gain further momentum on the same day and rose as much as $6.76 back again. On July 15, 2022, the value of DOT price reached record highs and stayed at an all-day high of $6.92 Polkadot trades at $6.87 right now.

Polkadot is up 8.36% in the last 24 hours, with a trading volume of $377,745,704 and a live market cap of $6,779,737,186. The altcoin ranks at #12 in the cryptocurrency.

DOT/USD 4-hour price analysis: Recent updates

The market volatility will follow an unpredictable start, making the DOT prices more vulnerable to rapid variation. As a result, the Bollinger band’s upper limit is set at $6.89, serving as a support point for DOT.

Conversely, the lower limit of the Bollinger’s band is at $6.14, representing the strongest support of DOT.

The DOT/USD crosses over the Moving Average curve, suggesting that the market is entering a buying mood. 

Furthermore, because of the recent breakthrough, the price appears to be rising, implying that it will most likely retrace its resistance. The breakout has resulted in an increase in volatility and possibly even greater uncertainty.

Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 61, which falls in the upper-neutral region. 

The RSI score follows an upward movement in the overvaluation region, signifying future inflation. The DOT/USD price has found a stable place within the market and has anchored itself there. The dominance of buying activity causes the RSI to increase.

Polkadot Price Analysis for the Weekend

Polkadot price analysis reveals the market volatility to enter a slight downward movement; it’s beginning to decline as the resistance and support bands move closer. The cryptocurrency price will follow the volatility and become less susceptible to volatile change. 

The Bollinger’s band’s upper limit is $7.72, acting as the strongest resistance for DOT. The lower limit of the Bollinger’s band is present at $6.23, representing the strongest support of DOT.

The DOT/USD price appears to cross over the Moving Average curve signifying a bullish movement. The price moves upward towards positive dynamics. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks. 

The price is anchored in a safe place, and the volatility bands don’t seem to pose a threat to the bulls; if they play their cards right, they might end up with a long-term regime.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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