Polkadot is following the same path as Bitcoin, with a slight upward movement of 1.5% on the daily chart. As per the data by CoinMarketCap, the trading volume of the coin is down by 3%, sitting at $1.05 billion. On the other hand, the market capitalization has risen to $46.7 billion, by nearly 2%.
The DOT surged by more than 50% in October, closing the month with a green candle at $42.7. November has not been really aggressive for the coin as it’s the middle of the month, and the coin has only risen by 10% (which is pretty decent). However, November gave the coin a new all-time high of $55 as it breached its previous ATH at $49.7 recently.
The nearest resistance is around the $52 zone, and Polkadot will definitely be eyeing that.
Polkadot price analysis on the 4-hour chart
As per the price analysis on the 4-hour chart, Polkadot is strongly recovering its previous down movement. The daily candle opened at $46.4, with the highest daily price recorded at $47.4. The coin is currently trading at $47.2.
The 50-day and 100-day moving averages are progressing below the coin’s price and acting as solid support for building a bullish scenario.
Looking at the Bollinger Band indicator, we can clearly see that the price action is approaching the upper edge of the band when the band is narrow, which indicates low volatility in the short term. We might see an upward breakout if the band accepts the approaching candle.
The RSI Indicator confirms the bullish momentum in the coin as the gradient is above 50 levels and is positive. The upward gradient also confirms the possibility of a major breakout. On the other hand, the MACD indicator is also signaling a bullish mood as the signal line (orange) is clearly below the MACD line (blue).
Polkadot price action is bullish, but we might see some sideways movement in the short term. The DOT bulls aim to breach the recent ATH, which will be a major milestone for the coin.