Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In recent days, there has been a noticeable surge in the prevailing market sentiment favoring the cryptocurrency DOT (Polkadot), resulting in a substantial appreciation of its value. Specifically, on May 29, there was an abrupt increase in its price from $5.39 to $5.55. This positive momentum continued throughout the day, culminating in a peak value of $5.42. On May 31, 2023, the price of DOT reached significant heights, attaining a pinnacle of $5.53 and maintaining this elevated level for the entire day. Presently, the price of the cryptocurrency demonstrates relative stability, fluctuating around the $5.45 mark.
As of today, the price of Polkadot (DOT) stands at $5.45, with a 24-hour trading volume of $201.18M. It has a market capitalization of $5.38B, representing a market dominance of 0.46%. Over the past 24 hours, the DOT price has experienced a decrease of -0.50%. At present, the sentiment for Polkadot’s price prediction is bearish, while the Fear & Greed Index indicates a neutral value of 51.
The circulating supply of Polkadot currently stands at 987.58M DOT out of a maximum supply of 1.00B DOT. The yearly supply inflation rate is currently at 10.02%, resulting in the creation of 89.92M DOT in the past year. In terms of market capitalization, Polkadot is currently ranked as the 6th largest cryptocurrency in the Proof-of-Stake Coins sector and the 10th largest in the Layer 1 sector.
DOT/USD 1-hour price analysis: Recent updates
Polkadot price analysis indicates the existence of market volatility during the uncertain opening movement, which makes the price of DOT more susceptible to significant fluctuations. As a result, the upper limit of the Bollinger Bands is identified at $5.51, representing a substantial resistance level for Polkadot. Conversely, the lower limit of the Bollinger Bands, located at $5.43, serves as a strong support zone for the cryptocurrency.
The DOT/USD pair has recently experienced a bearish trend as it dipped below the Moving Average curve, indicating a prevailing negative market sentiment. Furthermore, the price of DOT is displaying linear momentum, suggesting a strong possibility of the resistance level being sustained. In the event of a breakout, it is expected that volatility will increase substantially, leading to heightened market unpredictability. Therefore, it is of utmost importance for traders to carefully monitor market dynamics and adapt their strategies accordingly.
DOT/USD 1-hour price chart Source: TradingView
Polkadot price analysis reveals the Relative Strength Index (RSI) score to be 45, which falls above the central-neutral region. The RSI score follows a downward movement towards the undervaluation region, signifying future inflation. The dominance of selling activity causes the RSI to decrease.
Polkadot price analysis for 1-day
Polkadot price analysis reveals the market volatility is currently exhibiting a gradual decline, characterized by the convergence of the resistance and support bands. The convergence observed indicates a decrease in price volatility, thereby reducing the cryptocurrency’s susceptibility to sudden and significant changes. The upper limit of the Bollinger Bands is determined to be $5.49, serving as a formidable resistance level for Polkadot. Surpassing this level is expected to present considerable challenges for the price to overcome. On the other hand, the lower limit of the Bollinger Bands is established at $5.21, indicating the strongest support level for Polkadot.
The recent crossing of the DOT/USD price over the Moving Average curve suggests a bullish movement in the market. However, the current linear trend in the price indicates a lack of significant dynamics. This suggests that the bullish momentum is gaining strength and has the potential to dominate the market in the upcoming weeks. The price appears to be stabilizing in a secure position, and the volatility bands do not pose a substantial threat to the prevailing bullish sentiment. If the bulls strategically maneuver, they may establish a long-term regime and retain control over the market.
DOT/USD 1-day price chart Source: TradingView
Polkadot price analysis, the Relative Strength Index (RSI) is currently at 48, indicating a relatively stable state for the cryptocurrency. This RSI value places Polkadot in the central neutral region, suggesting dominant selling pressures.
Polkadot Price Analysis Conclusion
The analysis of Polkadot’s price indicates a noteworthy potential for positive movement in the cryptocurrency market. Currently, there is a steady upward trend, indicating sustained positive activity. Moreover, there seems to be ample room and potential for further upward movement in the future. Based on this analysis, the outlook for Polkadot is considered favorable.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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