Polkadot price analysis: Dot struggles at $30, can bulls breakthrough $32 resistance?

TL;DR Breakdown

• Polkadot price analysis is bullish today.
• Strong support is present at $26.
• Strong resistance is found at $34.

The Polkadot price analysis for today shows a bulls rally attempting the $32 resistance mark. DOT/USD price has returned to the $32 level at the time of writing as bulls carry the lead. DOT bulls are aiming $34 for the fourth time during the month of September; DOT succeeded once and got rejected twice from the said level during the month.

Some interesting bullish indications are also happening, which we will discuss below. Overall the broader cryptocurrency market remained bullish for the last 24 hours as Bitcoin, Ethereum, and top altcoins observed improvements.

Ripple and Solana observed nine and 15 percent improvement, while Polkadot gained 17 percent value, whereas Terra is the top performer gaining a 28 percent value over the last 24 hours.

DOT/USD 1-day price chart: Is $32 resistance easy for DOT bulls to break through?

The 1-day price chart for Polkadot price analysis shows bulls are marching towards the $34 resistance, but some selling pressure is still there at the $34 mark, as traders who purchased assets after the price drops may sell due to the fear of another price drop, which may cause a short-term downtrend.

The supporting indications for DOT/USD bullish move are the Moving average (MA) and Bollinger bands average traveling down towards price level, and both averages are almost at the price level at this time, as they travel below the price level, it will be a clear bullish crossover, and we may observe an uptrend to be continued. The MA and Bollinger bands average are both present above and below the price at the $30 mark with the difference of a few points, respectively.

The volatility is still increasing for DOT/USD pair; as can be seen on the charts, the Bollinger bands are expanding, though still in the controlled parameters. The relative strength index (RSI) is in the neutral zone showing a reading of 52 index, and the indicator shows there exists quite a leeway for bullish efforts.

Polkadot price analysis: DOT/USD on track

The 4-hour Polkadot price analysis is declaring a continuous rise in price over the last hours. The bullish momentum has stabilized over time as DOT aims for higher figures. The bullish momentum has proved strong enough to take the price above the moving average, i.e., $29.8. The Bollinger bands average has also moved below the price level and is present at $29.5.

The volatility is also decreasing on the 4-hour chart, which is a positive indication for the crypto asset, as we can see the Bollinger bands are narrowing down with the upper band at $32 and the lower band at $26. The relative strength index (RSI) has also increased during the current hours and shows a score of 57.

The technical indicators chart for Polkadot price analysis is also in support of bulls as 14 technical indicators show buy signs and only three technical indicators show sell signs, whereas nine indicators show no sign and are standing neutral.

The moving averages also support buying side with 12 indications for buying, while only two indications for selling and one indication is neutral. The oscillators are mostly neutral, with a figure of eight oscillators being neutral and two on the buying side, while one on the selling side.

Polkadot price analysis: Conclusion

The daily and hourly Polkadot price analysis is supporting a bullish trend, but there is a selling pressure near the $34 resistance mark, and we may notice a short-term sell-off, as traders might book profits. If DOT/USD breaks through the resistance, then it may continue to the $37 mark. And if DOT/USD again got a rejection, then it may fall back to $28.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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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