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Polkadot price analysis: DOT shows hint of a rise as price targets $6

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TL;DR Breakdown

. Polkadot price rose 1 percent over the past 24 hours
. Price could reach $5.5 over the coming trading sessions
. Resistance remains at $6 mark

Polkadot price analysis shows hints of an uptrend developing gradually, after price rose 1 percent over the past 24 hours to reach the $5.5 mark. After spending the current month in a sideways pattern, DOT price has largely struggled just above the $5 support zone. After climbing up to $5.37 at the time of writing, Polkadot could head up to $5.5 over the coming trading sessions in the U.S. DOT trading volume over the past 24 hours dropped slightly, while market cap went up to $7,170,186,213.

The larger cryptocurrency market showed minor recoveries over the past 24 hours, as Bitcoin rose 1 percent to $27,200, and Ethereum rose 2 percent to $1,850. Among leading Altcoins, Ripple stayed up to the $0.46 mark, with Cardano keeping at $0.37 and Dogecoin dropping 1 percent to move down to $0.07.

Screenshot 2023 05 23 at 9.25.06 PMPolkadot price analysis: DOT shows hint of a rise as price targets
Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI gradually rise upwards on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen mostly trending in a horizontal pattern around the $5.3 mark. However, the latest day candlestick shows some promise of an uptrend as price rose up to $5.45. The increment took DOT price above its 9 and 21-day moving averages, as well as the crucial 50-day exponential moving average (EMA) at $5.34.

DOTUSDT 2023 05 23 21 33 40Polkadot price analysis: DOT shows hint of a rise as price targets
Polkadot price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen picking up around the 43 mark to show increasing market valuation for DOT. As the RSI value reaches the 50 mark, price could hit an uptrend to pursue the $6 resistance. In addition, the moving average convergence divergence (MACD) curve also shows a bullish divergence taking place, with the trend line crossing above the signal line.

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.

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 decision.

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