Polka-dot price analysis shows that the DOT/USD pair opened its daily trading session at $17.93 after a slight upward correction from the intraday low of $17.60 set on Tuesday. The bull market has been driving Polkadot’s price action since earlier this month when it surged from below around $12.50. The market sees two consecutive green daily candlesticks forming a higher high and a higher low.
POLKADOT prices adjusted higher while bulls held on to the $17.00 support. However, a bearish candlestick pattern has formed on the 4-hour chart which could flatten the uptrend and trigger a DOT/USD sell-off. The polka-dot price is in danger of selling if the bulls fail to hold on to support at $17.60.
Last 24 Hours Polka-dot Price Movement: DOT/USD price is likely to rise
The DOT price has been in an uptrend for the past 24 hours as the market corrected above yesterday’s low of $17.60. The uptrend faces resistance around $18.00 which the bulls need to break to continue their upward momentum. Conversely, support is expected at $17.60 and $17.30. Prices traded between $17.23 and $18.0, with prices up 1.53 percent.
Polkadot’s price analysis of the one-day price chart shows a growing bullish momentum as the moving averages converge. The 50-day SMA has crossed above the 200-day SMA, which is a bullish indicator. Further, the RSI indicator is trading in overbought territory but showing no bearish divergence, suggesting that the uptrend in DOT/USD may continue. The MACD line is currently above the signal line, which is also a bullish indicator.
Polka-dot price analysis on 4-hour price chart: bulls stumble above $18.00
Over a 4-hour period, the DOT price formed a bearish candlestick pattern, a sign that the market may be selling. The market faces resistance at $18.00, a 61.8% Fibonacci correction from the recent $20.50 sell-off to $15.60.
The RSI indicator is currently trading in overbought territory, which is a sign that the market may be adjusting. Furthermore, the MACD line is currently above the signal line, but showing signs of bearish divergence, which is another bearish sign.
A bearish candlestick model could erase the uptrend and trigger a DOT/USD sell-off if the bulls fail to maintain the $17.60 support. To the upside, support is expected at $17.30, which is the 50% level of the Fibonacci correction of the recent uptrend from $15.60 to $18.00. The 200 SMA and 50 SMA are still showing an inverted cross, which is a sign that the market may continue its uptrend.
Polkadot price analysis conclusion
Lastly, polka-dot price analysis shows an uptrend in DOT/USD as the bulls protect the $17.00 support. Polkadot prices found a strong support level at $17.60, which is the 38.2% Fibonacci correction level from the recent selling of $20.50 to $15.60. The market is currently facing resistance around $18.00, a 61.8% Fibonacci correction in the same sell-off.
The market is likely to continue its uptrend while the bulls maintain the $17.60 support level. To the upside, support is expected at $17.30, which is the 50% level of the Fibonacci correction of the recent uptrend from $15.60 to $18.00.