Polkadot Price Analysis: Will DOT Retest $6.40 Level?


  • DOT/USD trades near $7.50.
  • DOT’s intraday volume stands at $172,641,519.00.
  • Polkadot price analysis is bullish today.
  • The EMA(50) is currently at $6.65.

22 April 2024 : In this article we will walk you through Polkadot price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Polkadot, Is DOT a good investment? Polkadot support & resistance levels etc. But before diving deep into the DOT technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,439,472,518,715. The total trading volume stands at $63,926,063,910. Bitcoin shares 53.56 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $66,356.57 level after an upward movement of 1.92%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.39 percent reaching to $3,223.44 during the previous 24 hours.
While publishing this blog, BNB traded at $604.41, following a price change of 4.39% within the same time frame. SOL the native coin of Solana is up by 2.51 and currently trading at $155.05. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Polkadot Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Polkadot (DOT)

DOT Resistance Levels DOT Support Levels
Resistance Level 1 $6.40 Support Level 1 $5.80
Resistance Level 2 $6.64 Support Level 2 $5.45
Resistance Level 3 $6.99 Support Level 3 $5.20

Polkadot Performance

According to PriceAnalysis Market Index, Polkadot (DOT) is trading at $7.50 with a trading volume of $172,641,519.00. However,DOT has seen a price increase of 4.14% in the last 24 hours.DOT price changes 5.59% over the week with a total market capitalization of $10,766,366,882.00 USD.

Polkadot Price Analysis

DOT price analysis for 22 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Polkadot.

Moving Averages Price Indicator
Simple Moving Average (10) 6.20 Buy
Exponential Moving Average (10) 6.21 Buy
Simple Moving Average (20) 6.27 Buy
Exponential Moving Average (20) 6.27 Buy
Simple Moving Average (50) 6.67 Buy
Exponential Moving Average (50) 6.65 Buy

While DOT’s Williams %R indicator is at -33.803 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the DOT coin is near oversold zone, as RSI is at 38. The DOT/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market.

Conclusions

The Polkadot market is shown signs of being optimistic, and buyers have the potential to drive prices of the cryptocurrency higher in the next few days. The price of DOT is expected to break above its resistance level of $6.40. On the other hand, if Polkadot broke out from the bullish pattern and led its way toward support level of $5.80.