Polkadot Price Analysis: DOT Jumps 15% Amid Sustained Buying; Are You Holding?

The Polkadot price analysis shows that the price continues to grind higher. This is the second-straight day for gains in Polkadot. The price witnessed strong buying momentum after testing the swing lows of $6.52 made on Tuesday. In the past two-session, the coin has received much positive attention and has increased to a significant degree.

• Polkadot price prints impressive gains as buying momentum sustain.
• A decisive break above $8.00 would bring more gains in the coin.
• The price rebounds from the vital support of $6.50.

Dot price trades near crucial level

On the daily chart, the Polkadot price has been facing resistance near the bearish slopping line extending from $9.5. However, the downside is capped near the $6.25 level. A strong buying momentum is required to breach the resistance of $8.05.

The bulls are punching the price toward the descending trend line. The Polkadot price analysis reveals the market volatility to follow an uncertain price movement.

The DOT/USD approaches the 50-day exponential moving average (EMA), if that happens the price could jump toward $8.50.

The RSI (14) has crossed over the average line and is expected to move higher. It currently reads at 56.

1-hour time frame points to more gains

On the hourly time frame, the DOT price gave a good impulse move of more than 15% from the lows of $6.73. After testing the highs of $7.93, the price retraced but moved up quickly toward the session’s high. This indicates the presence of buyers near the lower levels.

The MACD indicator shows the receding bullish momentum. As the histogram bars started to decline line.

The RSI (14)  is neither showing weakness nor bullishness, indicating a sideways to a slightly positive trend.

Conclusion

DOT is looking the slightest positive, on a higher time frame. But on the lower time frame, DOT is still negative. This, asking to wait for more confirmation before placing an aggressive bid.