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Polkadot price analysis shows that the cryptocurrency is bullish in the short term, with strong upside potential. The digital asset is trading in an ascending triangle formation and bulls are attempting to break above the resistance at $6.00. The support level to watch for DOT/USD is $5.81, and if the price breaches the triangle pattern there is a strong likelihood that prices will continue to rise. The DOT has seen a recent uptrend in the last 24 hours, with a high gain of 3.35%. DOT is currently trading at $6.00 at the time of writing, up from a low of $5.846 in the past 24 hours. The 24-hour trading volume for Polkadot is $130 million and a market capitalization of $7.07 billion.
Polkadot price analysis 1-day chart: DOT/USD shows a Bullish potential at $6.00
The 1-day Polkadot price analysis indicates that if buyers can break above the $6.00 resistance level, DOT/USD could surge to $6.00 and beyond. Although the bears were in control of the market earlier today, the bulls have regained control and are pushing the price higher. Investors need to keep a close eye on $5.82 as it could be an important support level for Polkadot in the short term.
The digital asset has a strong support level at $5.82 and a bullish crossover of the 50-day and 200-day moving averages. In addition, the moving average convergence and divergence (MACD) indicator is showing an upward trajectory, indicating that the bulls are in control of the market. The RSI is currently at 48.58 which indicates that the asset is oversold and could be due for a correction.
DOT/USD 4-hour price chart: Bulls stumble to keep control
Looking at the 4-hour Polkadot price analysis shows that the price has been trading in a range between $5.99 and $6.00 for the past few days. The bulls have been attempting to break out of the range and push prices higher, but so far they have been unsuccessful. The next key support level to watch for DOT/USD is $5.85, and if the bulls can break above this level, then the digital asset could surge to $6.2 and beyond.
The relative strength index (RSI) is currently at 54.05 which indicates that the asset is neither overbought nor oversold, while the moving average convergence and divergence (MACD) indicator is still in a bullish mode. Moreover, the 50-day and 200-day moving averages have crossed over, indicating that the bulls are in control of the market.
Polkadot price analysis conclusion
Overall, Polkadot’s price analysis shows that DOT/USD is in a bullish trend, with a price trading at $6.00. However, the bulls need to break above the $5.82 support level in order to push prices higher and reach the $6.00 resistance level. If the bulls succeed, Polkadot could be a good investment option for traders looking to capitalize on the bullish market trend.