What to know:
- DOT rises 4.93% with price currently at $1.32 level
- Trading volume surges 50.07%, reaching $164.02 million today.
- Critical support holds between $1.20 and $1.50 zone area.
- RSI MACD shows early weak bullish recovery signals forming.
Polkadot (DOT) price shows early recovery with improving short-term momentum and cautious market sentiment. DOT Price remains in a broader downtrend, but support levels are holding. Indicators suggest weak yet improving strength, while traders await confirmation for a sustained bullish reversal phase ahead.
Polkadot maintains upward momentum.
DOT price is maintaining its upward momentum, continuing a steady recovery phase in recent trading sessions, as of Friday, 22 May.
Over the last 24 hours, DOT has advanced by nearly 4.93%, signaling a clear return of bullish sentiment and renewed accumulation from market participants.
The weekly trend also reflects strong performance, showing sustained strength across broader timeframes.
At the time of reporting, DOT is trading at $1.32, backed by improving market engagement. Trading activity has surged significantly, with 24-hour volume reaching $164.02 million, up 50.07% on the day.
Market capitalization has also expanded to $2.22 billion, rising 4.94% as overall momentum continues to build, according to CoinMarketCap data.
Also Read: Polkadot (DOT) Price Forecast: Bulls Aim for $1.40 After Recent Pullback
The monthly chart shows the long-term structure
Polkadot’s monthly chart shows a prolonged descending channel beginning after the 2021 peak. Price continues respecting both resistance and support trendlines, indicating sustained bearish pressure.
However, narrowing volatility and repeated rebounds near support suggest weakening sellers, possible accumulation, and a long-term reversal phase near current levels.
According to the crypto analyst Hailey LUNC XRP, Crucial support is seen at the level of $1.20 to $1.50, which is where supply and channel resistance meet each other.
Maintaining this area will set the bulls into motion on a move towards $3, $5.5, and even $11.5. A break above descending resistance will signal better market sentiment among investors.
The bullish expectation is for a break above the $24 resistance area, which will provide significant gains from present prices.
Volume at recent lows suggests that more powerful bulls are accumulating positions. However, a breakdown below the $1.20 support level will nullify this view and solidify bearish sentiments.
RSI and MACD momentum signal shift
From an indicator perspective, RSI (14) is presently at 36.97, and its moving average is 32.42. The current RSI value is still less than the neutral zone of 50, implying low momentum and insufficient buyer power for DOT.
Yet, the rising trend in the RSI value from the oversold area of 30 indicates that sellers could have lost their hold.
MACD stands at 0.07986 on the histogram, with the MACD line and signal line standing at -0.36966 and -0.44953, respectively.
While both lines are still below the zero level, their improvement in direction towards each other indicates strengthening bullish momentum. Positive bars on the histogram provide further evidence for such an observation.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Polkadot Price Eyes Recovery as Bulls Defend Key Support Zone
Be the first to comment