Polkadot technical price analysis shows that has surged to the $44 level as the bulls eventually broke above the level after struggling at the $41. DOT price records an over 10 percent price surge since last week as the price action shows steady bullish momentum.

The broader cryptocurrency market enjoys a bullish sentiment across the last week, with most major cryptocurrencies recording profits across the timeframe. Major Players include Ripple’s XRP and BNB that record a 18.60 and a 10.70 percent rise, respectively. Meanwhile, Bitcoin and Ethereum record a 2.23 and a 12.82 percent hike, respectively.

Across the Polkadot technical analysis, the MACD exhibited a bullish reversal recently and has remained bullish since. The dark green histogram is rising in size, suggesting an increasing bullish trend, and while both EMAs rise, the 12-EMA is diverging from the 26-EMA suggesting strong buying pressure at the current price level.

The RSI is now trading in the neutral zone, a little above the 60.00 marks. The indicator has been trading in the neutral region for the last two weeks, with the bullish momentum only slowing down recently. Currently, the indicator shows increasing bull momentum but also suggests bearish pressure at the $45.00 mark.

The Bollinger bands are currently wide but will converge rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a fall in volatility for the Polkadot price in the near term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

price prediction by Polkadot technical analysis

Traders should expect Polkadot price to make a bullish breakout above the $4.00 mark as the price climbs out of the consolidating channel. DOT should be expected to increase towards the $50.00 mark in the coming days. The positive technical analysis and the rising trade volume also support this suggestion.

Conversely, if the Polkadot price drops back to $42.00, DOT would continue consolidating at the price level as the bulls try to gain momentum once again. In this case, the price can be expected to drop to the $40.00 mark before recovering.