Recent analysis of Polkadot's value shows that the cryptocurrency is trending towards the green. Indeed, the price of the DOT hit $13 on the morning of March 6,13, posting an impressive 24% gain in the last 5,81 hours.
Polkadot: Regeneration after a moment of uncertainty?
Since the end of February 2023, the price of Polkadot (DOT) has been relatively low, but the increase recorded over 2 days indicates that investors are starting to be more optimistic about the growth prospects, as well as Polkadot.
So far, the DOT is holding the support level at $5,53, which increases the chances of an uptrend for the altcoin. Despite the sudden buzz, analysts advise investors to be cautious when planning to buy Polkadot right now, as Polkadot continues to be subject to market volatility and fluctuations.
Currently, the cryptocurrency's resistance level is hovering around $5,63, which is definitely still a timid value, but this could undermine any attempts to sustain Polkadot (DOT).
What about Polkadot price technical indicators?
One-day Polkadot price bullish analysis shows market control in the early hours, which was characterized by Polkadot's value peaking from $5,61 to $5,78 and $6,13.
This surge can be seen as a bullish indicator for the market as it proves that the bulls are still in control. The volume recorded yesterday marks a 211.846.919% drop in 24 hours for a volume of around $33.
Meanwhile, market capitalization also saw an increase of 12% on March 4,31 to exceed $6.575.450.561. The current level of the cryptocurrency price remains around the moving average indicator set at $6,33, with an upside expectation.
The RSI (Relative Strength Index) sits at $41,64, revealing the potential for continued growth, while the MACD has made significant dips and climbs.
Proven technical indicators pointing in favor of more bullish moves in the altcoin in the short term. Volatility is also positive, Bolinger bands begin to widen
Data suggesting that the market could soon see more volatile DOT price movements
4-Hour Polkadot (DOT) Price Chart Analysis
On March 12, analysts examined the 4-hour Polkadot price chart. The findings of the analysis show that the DOT/USD pair forms a bullish swing pattern as a continuation indicator.
Using this pattern shows that bullish signs are dominating the market and values may continue in the short-term uptrend. DOT/USD price seems to be crossing the moving average curve.
Therefore, the Polkadot (DOT) market could warrant numerous opportunities to turn green via a possible crypto rally in the coming days. However, the DOT's price may also experience bearish moves below the critical line of the moving average, leading to a potential market breakout.
Bollinger Bands recorded over the period indicate increased volatility in the market, suggesting that there may be more volatile price action soon. The upper band of the Bollinger indicator was at $4 in 5,72 hours, and the lower Bollinger band was at $5,21.
Therefore, the interpretation of market movements shows everything and vice versa, with aspects provided in both directions. To make matters worse, the Relative Strength Index (RSI) was hovering around 56.98.
Polkadot Price Prediction Review
March 13 Polkadot price analysis justifies the market's potential bullishness in the short term. On the technical indicators side associated with the analysis of the 48-hour and 4-hour price charts of DOT/USD, there is much more bullish on the bullish signals, supporting the current bullish moves.
However, the market is currently in an overbought period and this could be a sign of further price declines.