Polkadot Price Analysis: Bulls retest $8.04 as resistance reaches $7.81

The Polkadot price analysis reveals that bulls are once again trying to rally their strength as the price has risen to $7.81 today. The bullish momentum faded after the first half yesterday and a few small corrections took place, but now the coin looks set to retest further upwards as the price started to move upwards. The price just broke above the local resistance at $7.79 and bulls are targeting their next target at $8.04 now. However, the selling pressure could return at any time as the current price level appears to be in an area of ​​high resistance and bulls will need more strength to break through.

DOT/USD 1-day price chart: Bullish momentum re-emerges

The 24-hour Polkadot price analysis shows that the bulls are leading the price action to take the price above the $8 mark. The DOT/USD price is currently touching $7.81, reporting a 2.29 percent increase in value over the past 24 hours. At the same time, the coin reports an increase of more than 7.20 percent in value over the last seven days. Today’s trading volume has increased slightly over the last 24 hours by 11.41 percent, giving the crypto pair a market dominance of 0.83 percent.

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DOT/USD 1-day price chart. Source: TradingView

Volatility is mild for Polkadot as the Bollinger Bands continued to converge until September 6, 2022, but now they are slightly separated compared to the last few days. The upper band has reached the $7.85 mark, which represents resistance for the coin, and the lower band has risen to $6.74, which represents the strongest support for the crypto. The moving average of the indicator is found at $7.29 below the current price level.

The relative strength index (RSI) is hovering around index 54 in the upper half of the neutral zone. RSI was trading on a sharp upward curve indicating more buying activity in the market earlier and now its curve does not seem to be aggressive enough as selling pressure is present at the current price level.

Polkadot Price Analysis: Latest Developments and Additional Technical Indications

The 4-hour price chart of the Polkadot price analysis shows that the price breakout was bearish at the start of today’s trading session as the coin corrected bulls that needed to rest after a long victory with bullish price action. However, the price has been recorded to be on the bullish side over the past four hours and bulls have successfully tested the local resistance at $7.79.

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DOT/USD 4-hour price chart. Source: TradingView

Volatility is on the higher side for DOT on the 4-hour chart, as well as the Bollinger Bands widening, with the upper band of $8.02 representing resistance on the 4-hour chart and the $7.39 average representing support for the coin. The moving average is trading at $1.121 below the price level as the price bounced above the MA in the last four hours. The RSI has resumed its upward curve as it approaches the overbought region at index 67, showing the dominance of buyers in the market at the moment.

Polkadot price analysis conclusion

Polkadot price analysis shows that the bulls are heading towards the next resistance present at $8.04. If the current rally continues for a few more hours, then a break above can be expected today. On the contrary, if selling pressure resurfaces, we still expect the cryptocurrency to close in the upper $7 range today.

Disclaimer. The information provided is not trading advice. thecoinbaskets.com.com 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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