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Polkadot price analysis: Polkadot moves sideways above $15, ready to move higher?

Polkadot Price analysis

TL;DR Breakdown

  • DOT found resistance below $17 overnight.
  • Support at $15 still holds.
  • Next resistance at $19.

Polkadot price analysis is bullish as bulls prepare for another push higher after retesting support around the $15 mark. Therefore, we can expect DOT/USD to move higher over the weekend and try to retest the previous major support area around $19 as a resistance.

Polkadot price analysis: Polkadot moves sideways above $15, ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight loss over the last 24 hours. Bitcoin has lost almost 1 percent, while Ethereum almost 5 percent. Meanwhile, Shiba Inu (SHIBA) is among the best performers, with a gain of 7.63 percent.

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $15.08 – $16.72, indicating a good amount of volatility over the past 24 hours. Trading volume has decreased by 16.83 percent and totals $1.159 billion. Meanwhile, the total market cap trades around $14.6 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – retests $15 support again

On the 4-hour chart, we can see the Polkadot Price action testing the $15 support over the past hours, likely leading to another push higher over the weekend.

Polkadot price analysis: Polkadot moves sideways above $15, ready to move higher?
DOT/USD 4-hour chart. Source: TradingView

The overall Polkadot price action trades in a bearish price action structure over the past weeks. After some attempts of recovery and reversal at the beginning of June, DOT/USD failed to set a higher high on the 15th of June.

The $26 mark was reached, meaning a lower high, after which a several-day retracement began. Previous support around $19 initially prevented further downside. However, a lower spike was seen on the 21st of June. From there, DOT/USD rapidly moved to the $13 low.

Yesterday, DOT regained its price above the $15 mark. A further high was not seen overnight, indicating that the market is moving sideways and establishing a base to likely push higher later this weekend.

Therefore, we expect the Polkadot price to start trending higher over the next 24 hours and try to retest the $19 previous support as a resistance. From there, DOT/USD will likely move to the downside again, with the following support located around the $10.50 mark.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish for the next 24 hours as the market still holds the $15 support. This should lead DOT/USD towards further upside over the weekend as bulls target a retest of the $19 previous significant support as a resistance.

While waiting for Polkadot to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as Chinese miners.

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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