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Polkadot Technical Analysis: Huge Drop in Volatility & Dominance, What’s Ahead for DOT Price?

Polkadot Technical Analysis

Key Takeaways:

Current Price $7.24
Market Cap $8.05 billion
Circulating Supply 1.11 billion
Total Supply 1.22 billion
Vol (24H) $304.32 million
Change (7D) -5.28%

Additional Read: Top Cryptos this Week

Polkadot Technical Analysis for September 2022

Polkadot appears to be bullish as the market sentiments are positive towards the DOT price as the price is attempting for a firm recovery. The market conditions appear to be favorable for the bulls as the price maintains a significant uptrend over the past couple of days. However, the asset may close the monthly trade on a bullish note as it clears the $7.31 resistance area. 

In the coming month, the DOT price may continue experiencing equal bullish & bearish pressure, compelling the price to consolidate above $8.5. If the asset receives an extensive bullish push, the price may even rise above $9.56 to hit $10. Therefore, by the end of the monthly trade, the price may hover around $10.

Technical Analysis at a Glance

The DOT price had dropped by more than 71% since the 2022 highs close to $24. Presently, the asset is carrying extensive influence of the bears but is holding the lower support at $6.86 firmly. Therefore, the upcoming trend is expected to be a coalition of a consolidated but slightly elevated trend until it reaches $10. 

Short-Term The DOT price is slowly rising to regain the lost levels but may soon face a minor rejection 
Mid-Term The asset has dropped heavily and currently consolidating along the lower support, which is poised to pull a significant leg up
Long-Term Polkadot is lacking the required buying pressure to rise above the current accumulation and hence may continue to consolidate 

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 53.57 / 38.06 Neutral / Sell
MACD -0.007 / -2.69 Sell / Sell
Average Directional Index(ADX) 25.39 / 30.42 Buy / Neutral
Ultimate Oscillator 50.82 / 46.20 Neutral / Sell
Bull-Bear Power 0.162 / -2.38 Buy / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $6.11 $6.60
MA 10 $6.14 $6.36
MA 20 $6.06 $7.60
MA 50 $6.19 $15.59
MA 100 $6.69 $9.53
MA 200 $6.66 $4.76

Polkadot displays the probability of a short term bounce in the short-term as most of the indicators are either slightly bullish or neutral. The RSI is hovering within the average ranges while the bulls are well in the position. However, the MACD displays the rally being still under bearish captivity. 

Conversely, the asset may drop hard in the long term as most of the indicators are extremely bearish, pointing towards ‘sell’. Interestingly, the volatility is pretty less in both the time frames and hence the price movements may be slow & steadily. Regardless of the direction. 

Polkadot Crypto On Chain Metrics Analysis

Source: Santiment

Source: Santiment

Polkadot (DOT) Technical Analysis for Short Term

Source: Tradingview

Polkadot (DOT) Technical Analysis for Long-Term

Source: Tradingview

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FAQs

Is Polkadot bullish or bearish?

Polkadot price is pretty bullish in a small time frame but extremely bearish in the longer time frame. Check latest Polkadot INR Price - https://coindcx.com/trade/DOTINR

What is the current RSI for DOT?

The RSI presently in the short term is 52.83 in short term while in long term it is 32.97

Is it a good time to buy Polkadot?

As mentioned above, DOT price is preparing for a huge bull run and hence could be good time to buy

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