Polkadot Price Analysis: Will DOT Surge to hit $6.73


  • The price of Polkadot rose by 1.27% in the previous 24 hours.
  • Polkadot shows bearish momentum over the weekend.
  • Polkadot has a medium term resistance at $7.09.
  • Support for the bears has been established at $6.09

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $729,661,588,345. The total trading volume stands at $45,441,080,186. Bitcoin shares 51.47 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,590.97 level after an upward movement of 2.17%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.38 percent reaching to $1,324.81 during the previous 24 hours.
While publishing this blog, BNB traded at $288.15, following a price change of 1.67% within the same time frame. XRP the native coin of XRP is down by -0.23 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.59% 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 $6.73 Support Level 1 $6.09
Resistance Level 2 $7.09 Support Level 2 $5.80
Resistance Level 3 $7.38 Support Level 3 $5.44

Polkadot Performance

DOT has recorded a upsurge, gaining 1.27% in last 24 hours. The current value of Polkadot is hovering at $6.34 with the trading volume of $244,602,014.00 USD in the same timeframe. The overall marketcap for DOT is $7,119,937,283.00 USD while the coin price changes -2.69% over the week.

Polkadot Price Analysis

DOT price analysis for 03 October 2022 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) 6.35 Sell
Exponential Moving Average (10) 6.34 Buy
Simple Moving Average (20) 6.52 Sell
Exponential Moving Average (20) 6.49 Sell
Simple Moving Average (50) 7.18 Sell
Exponential Moving Average (50) 7.14 Sell

The Relative strength index (RSI) for DOT Coin is currently hovering at 45 for 14-days average line, which means DOT is in consolidation zone right now. While DOT’s Williams %R indicator is at -64.578 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. In accordance with the conventional pivot, the crucial immediate resistance for DOT may be found at $6.73, followed by $7.09. In the meantime, the cryptocurrency's support levels were located at $6.09 and then $5.80. 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

From the technical analysis, the overall trend of the Polkadot is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if DOT manages to stay above $6.09, it can provide an excellent long opportunity for DOT communnity.