Polkadot price analysis: Bullish winds all set to take DOT beyond $30

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  • Polkadot price analysis shows signs of a renewed bull rally past $26.00
  • The bullish sentiment is reflected in $2.27 billion in volumes
  • DOT/USD poised to break out from the rising Bollinger Bands
  • The rising price channel further beckons bulls as the price zooms to $26.85 high
Polkadot price analysis: Bullish winds all set to take DOT beyond $30 1
Cryptocurrency heat map by Coin360

Polkadot price chart is displaying a renewed optimism among the bulls as the pair rises to $26.85. The bulls are attempting to push the price to fresh highs daily amid suitable technical indicators. Unlike Cardano or Bitcoin, the DOT/USD pair is showing gradual and mature price movement. The same is evident in the volumes, which touched a daily high of $2.27 billion and reflected the underlying strong bullish sentiment that has returned to the market after almost three weeks.

The bulls anticipate the current price action to continue higher as the price moves beyond the Tenkan-Sen for a third consecutive day. Surprisingly, the RSI is nearing the 70 mark on the hourly charts, which means minor correction will go ahead in the trade. As per Polkadot price analysis, the sharp rise needs to justify itself with some similar movement in the price. Although, it is not uncommon for the RSI to remain elevated in an extended bullish market.

Polkadot price movement in the last 24 hours: Grinding higher towards $28.00

The support at $20.00 has been pivotal in helping the pair move higher. As per Polkadot price analysis, the pair is seen moving higher in an ascending price channel that obliges the Bollinger Band extremes. The capitulation in the price is also evident from the rising volumes near the primary support at $20.00.

The pair faces short-term resistance at $27.00 and then at $30.00. However, given the large volumes, the DOT/USD pair will likely hit $32.00 if it continues on the current trajectory. The bullish trend forecasts will be confirmed further by the moving averages, sloping upwards, albeit slightly, on the hourly charts.

The daily charts witness the emergence of a ‘Dragonfly Doji’ pattern that is likely to entice more buyers to the DOT fold. According to Polkadot price analysis, the same pattern will also help the pair sustain its bullish advances going further into the trade.

DOT/USD 4-hour chart: Technical indicators support the price rise

Polkadot price analysis: Bullish winds all set to take DOT beyond $30 2
Polkadot price chart by TradingView

RSI indicator on the hourly charts is indicting slightly overbought levels. A minor correction may be on the cards, but bulls will likely make it a stagnation rather than an extended decline. There is an upward slope on the MACD crossover, which indicates more buying up ahead. Traders can expect a surge in the buying orders once the pair closes above $28.00.

The current volume of $2.27 billion is at a 20-day high. Still, there is buying pressure on the pair as per Polkadot price analysis. The 5.8 percent daily gain is more than enough to entice buyers to pile up more long positions on the short-term hourly charts. The small yet green candles indicate that the grinding action will move higher in the subsequent few sessions as per Polkadot price analysis.

The Stochastic RSI suggests that the upward slope is in sync with the ascending price channel. Also, the same indicator is showing emerging signs of a crossover which can bode well for the bulls. The weekly stochastic is still in the oversold region and does not indicate much buying action. The mildly bullish technical indicators have taken the price above $26.50.

Polkadot price analysis conclusion: All set to cross $30.00

A confluence of technical indicators is pushing DOT forward towards its first significant resistance at $30.00. The over-extended rally needs massive support from the broader market to move past $30.00 resistance and close near $32.00. The MACD indicator is reaching for the zero line and may go under the same line. It signifies the end of the weekly decline and a surge in momentum.

There is immediate resistance near $27.00, and the pair has been rejected from the $28.00 highs in today’s trading session. The bulls have strong winds behind them, but they need to tackle the resistances well going ahead. Polkadot price analysis further shows that DOT recovery rally may be more subdued compared to other altcoins, which are experiencing more robust recovery rallies.

Source: cryptopolitan.com

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