- DOT consolidated yesterday.
- Support at $20 still holds.
- Next support is located at the $15 mark.
Polkadot price analysis is bearish for today as DOT/USD continues to test the $20 support after a failure to move higher. Therefore, we can assume that DOT/USD is ready to move lower later today with the next support located at the $15 mark.
The overall market trades in the red over the last 24 hours as the market leader, Bitcoin has lost 0.5 percent. Meanwhile, Ripple (XRP) is among the worst performers with a loss of 5 percent. Polkadot (DOT) has not seen much better performance, with a loss of 3.5 percent.
Polkadot price movement in the last 24 hours
DOT/USD traded in a range of $20.05 – $21.39, indicating mild volatility. Trading volume has decreased by 37.65 percent and totals $832 billion. Meanwhile, the total market cap stands at around $19.5 billion, ranking cryptocurrency in 9th place overall.
DOT/USD 4-hour chart – DOT still holds $20
On the 4-hour chart, we can see the Polkadot price action retracing to the $20 mark again as bears attempt to push the market lower again.
The overall market price structure is still moving sideways as the $20 support still prevents DOT/USD from further downside. This comes after a strong spike lower in May, which set a clear major low around the $14-$16 mark. From there, DOT/USD made two waves higher to the $28 resistance.
These upswings were the first sign that the Polkadot price looks to finally reverse. However, bulls were not ready at the beginning of June. The market started to move sideways again and set several lower local highs in a slow retracement.
From there, another spike higher was set on the 14th of June. Over the following days, DOT retraced again and retested the $20 support. This means that the overall price action is neutral and a decision needs to be made where the market will move next.
If the $20 support finally breaks, we can expect further movement to the downside with minor support located around the $18 mark. Alternatively, if the $20 mark hold, DOT/USD will likely push higher again and try to reach the next resistance at $28 mark.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish as the market retraced to the $20 mark over the past hours and looks to break through it to set another lower low. Therefore, we can expect DOT/USD to move towards the next minor support of $18 over the next 24 hours and the major support around $14-$16 over the next week.
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