Polkadot Initiates Recovery Phase: Will DOT Shoot From Here?

• Polkadot (DOT) is currently trading at $5.17 with a decline of -0.31% in the 24 hours.
• The Polkadot price is observing an increase of 13.89% in the last 7 days.

• The DOT market capitalization is $6457688179.

Polkadot is trying to bounce back. By evaluating the price data of the DOT coin, it is observed that it is in heading toward an uptrend currently. The price inclined by 13.89% in the last seven days and we can say that it performed well last week. From its peak price of $54.98, it fell -90.56% in the last 1 year. The coin demolished the major investor’s wealth. The current market sentiments are neutral about the coin. A decent volume is entering it at present. As of now, there is no buyer interested in buying it. 

Polkadot (DOT) Technical Analysis

The price of Polkadot (DOT) has jumped above 50 EMA, which suggests that the price is entering a bullish trend. If the buyers continue to push the price down, the coin’s value may grow even further in the upcoming week. The price has been range bound near 200 days EMA, which shows that sellers are not in the mood to give power to buyers.

The technical indicator MACD is also in the positive territory. The MACD line at 0.02 and signal line at 0.12 is below the zero line, suggesting that the MACD is heading toward positive territory and is giving bullish signals.

The current value of RSI is 59.22 points. The 14 SMA line is currently below the median line, around 42.01 points which shows bullish sentiment in the market. The bullish trend is indicated by the 14-day SMA line heading above the median line. As the price is in oversold territory, the market is experiencing bullish sentiment.

Trendline Analysis:

The price has respected its significant trendline and is heading for resistance. As soon as the price breaks the trendline,  it will rise to the next resistance and if it gets rejected by the resistance, then it will fall back to the current support.

Volume Analysis:

Polkadot (DOT)’s trading volume of 24 hours is $139186357, with a 15.80% increase in volume in the last 24 hours. There is a significant boost in the volume of the coin.

Technical Levels:

• Support – The current support level of DOT is $4.25.
• Resistance –The current resistance level of DOT is $6.23.

Summary

In Polkadot (DOT) we can see a tough fight between bulls and bears, as the coin is trying to come back. The price action shows that the price may grow more in the upcoming days if the upper resistance level will break. DOT price shows an optimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give positive signals about it. Hope is alive among investors due to the good performance of the coin in recent times. It is not showing recovery signs right now.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.