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Polkadot price analysis: Polkadot spikes above $24, ready to break $28 high?

Polkadot price analysis

TL;DR Breakdown

  • DOT moved higher overnight.
  • $24 resistance broken earlier today.
  • Next target at $28 previous high.

Polkadot price analysis is bullish as bulls pushed the market away from the $20 support over the past 24 hours and the $24 resistance was broken earlier today without much resistance. Therefore, we can expect DOT/USD to reach the next target at $28 later this week.

Polkadot price analysis: Polkadot spikes above $24, ready to break $28 high? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 7 percent, while Ethereum by 5.5 percent. Rest of the market trades with similar gains, indicating strong bullish pressure.

Polkadot price movement in the last 24 hours

DOT/USD traded with $2.375 billion in trading volume, which is up 134 percent over the last 24 hours. The total market cap stands at $23.8 billion, ranking the market in 8th place overall. 

DOT/USD 4-hour chart – DOT spikes above $24

On the 4-hour chart, we can see the Polkadot price action pushing higher over the last hours, indicating that bulls have regained control.

Polkadot price analysis: Polkadot spikes above $24, ready to break $28 high?
DOT/USD 4-hour chart. Source: TradingView

The overall market trades in a slightly bullish price action structure over the past weeks after a new several month low was set around the $15 mark at the end of May. Since the Polkadot price retraced by over 70 percent, we can expect that bears are exhausted and DOT/USD should see recovery over the next weeks.

Early last week, we saw DOT set a higher high at $28. From there, the market slowly retraced to the $20 support. After retesting the support over the weekend, DOT/USD reversed to the upside and started pushing the market price higher overnight.

This has led the Polkadot price towards setting a higher high above $24. Therefore, the price action has turned bullish again. If bulls continue moving the market higher with the same momentum, the $28 resistance should be reached over the next 24 hours.

Alternatively, DOT will reverse and retrace to prepare for another push higher after a slightly higher low.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish for today as the market rapidly moved higher overnight and set a higher high above the $24 mark over the last hours. Therefore, we expect DOT/USD to reach towards the next resistance at $28 mark over the upcoming days as the market looks to continue recovering.

While waiting for further Polkadot price action development, read our guides on how to cash out Bitcoin, buy Bitcoin stock, and trade Bitcoin.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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