Polkadot price climbs above $8.00 as bulls dominate the markets
2 min readTL;DR Breakdown
- Polkadot price currently at $8.267
- Price shows consolidation in short term but bulls dominate the markets
- Mid-term charts suggest a drop in price volatility
Polkadot (DOT) price has climbed above the $8.00 mark as strong bullish momentum has assisted DOT to break through multiple resistance levels.
The broader crptocurrency market sentiment is bullish with most assets recording double digit gains across the 7-day period.
Polkadot price across the last 15 days
Polkadot price observed relatively less volatility between December 14 and December 28 as the price oscillated between the $5.700 and the $4.700 level. However, the volatility increased on December 28, as DOT crossed above the $5.500 level with strong bullish momentum as the price rose to the $6.500 level before the day ended.
The bullish momentum continued the next few days as Polkadot price continued rising above, breaking through the $6.500 resistance level before climbing above the $7.00 level. The bulls continued charging above and climbed to the $7.500 resistance level by December 30. The price consolidated at the level for a while before breaking above.
Polkadot price climbed to the $8.00 level where it currently trades. The price is trading above the $8.00 line, but DOT is yet to completely leave the line and hovers close.
What to expect from Polkadot price?
Currently, the price seems to be consolidating at the $8.100 level as the bulls seem to be resting at the level.
Across the technical indicators, the MACD shows bullish momentum that seems to be decreasing with the latest candle as the price sticks to the $8.100 level. The two EMAs are positive but remain close, suggesting low bullish momentum.
The RSI is trading above the 70.00 mark showing there is little to no room for further upwards movement. The indicator is issuing a sell signal indicating a drop in price, but the $8.00 support level holds steady.
Similarly. the Bollinger Bands are currently wide but show convergence, suggesting a decrease in price volatility in the short term.
Traders should expect Polkadot price to observe sideways movement at the level before breaking out. Polkadot price is expected to break upwards, continuing its bullish activity rising towards the $10.00 mark.
Polkadot price volatility
Across the daily frames, Polkadot price shows high volatility, with the price increasing by nearly 60 percent since the week’s opening price. However, the volatility has not appeared recently and has been present since October since August as DOT recorded long candlesticks.
The volatility decreased in October and only increased for a brief time in November. DOT price remained restrained for most of December but increased sharply on December 20 as the size of the daily candlesticks increased significantly.
Currently, the price volatility has spiked and shows no signs of slowing as the candlesticks remain long. However, the Bollinger Bands are currently expanded and will start converging in the next few days, suggesting a drop in DOT price volatility.
