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Polkadot price analysis: Polkadot retraces from $17 high, targets $13.5 next? 

Polkadot Price analysis

TL;DR Breakdown

  • DOT set a slightly high thigh at $17 yesterday.
  • DOT/USD reversed overnight.
  • Closest support at $13.5

Polkadot price analysis is bearish for today as the market set a slightly higher high and reversed from there. Therefore, we expect bears to push DOT/USD lower later today to test the $13.50 support again.

Polkadot price analysis: Polkadot retraces from $17 high, targets $13.5 next?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. The market leader, Bitcoin, has lost 4.2 percent while Ethereum 3.6 percent. Dogecoin (DOGE) and Ripple (XRP) are among the worst performers, with a loss of 6.5-7 percent. 

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $0.2383 – $0.2689, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 13.5 percent and totals $1.9 billion, while the total market cap stands at $32.2 billion, ranking cryptocurrency in 6th place.

DOT/USD 4-hour chart – DOT moves away from the $17 resistance

On the 4-hour chart, we can see the Polkadot price moving away from the $17 high as the market attempts to test the previous low at around $13.5.

Polkadot price analysis: Polkadot retraces from $17 high, targets $13.5 next?
DOT/USD 4-hour chart. Source:TradingView

Looking at the Polkadot price action development over the past weeks, we can see a strong bearish momentum pushing the market from the $28 high to the $13.50 support. Once the $13.50 mark was reached, a quick rejection was seen similarly to the end of May, when the market saw a much stronger push lower.

 After a brief consolidation below $17 resistance last week, DOT/USD retested the $13.50 support once again and started heading higher again. Yesterday, the $17 mark was reached again with a slightly higher high set, indicating that some bullish momentum is building up.

Overall, this price action development indicates that we could see the DOT price reverse higher over the following days and start heading towards the previous major swing highs. However, a clear higher low must be established first as the base from which to make the next wave higher later this week.

Once a higher low is set, we expect Polkadot price to target the $19-20 area next as it is where the market saw strong support earlier in June.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bearish as a slightly higher high was set yesterday, and the market wants to set a higher low from which to move further to the upside over the remainder of this week. Therefore, the $13.50 previous support is the level to watch right now since a higher low above it could turn the overall market back to the upside.

While waiting for Polkadot to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as what you can buy with 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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