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Polkadot Price Analysis: Will DOT retrace to $13.5 support pivot in 24 Hours?

Polkadot Price Analysis

TL;DR Breakdown

  • Polkadot price analysis has bearish written all over it as price hovers near $15.00 support
  • DOT/USD looks all set to retrace towards $13.5 pivot point in the next 24 hours
  • DOT failed to breach upper resistance at $18.00 level in a bearish stance

Our Polkadot price analysis today reveals a bullish market since 12:00 (UTC) yesterday. After a steep fall at 9:00 (UTC) yesterday, the market has taken an overall upward trend. While there is some resistance resulting in short bearish bouts, the momentum created by the bulls is large enough.

Polkadot Price Analysis: Will DOT retrace to $13.5 support pivot in 24 Hours? 1
Cryptocurrency heat map by Coin360

In the last 24 hours, the overall crypto market is trading in green. Ethereum has gained over 2.26 percent whereas Bitcoin has gained 1.38 percent. The market for Polkadot has also been sort of bullish, which might suggest that we are in to see a bearish pattern soon.

Polkadot Price Movement in the Last 24 Hours

Polkadot Price Analysis: Will DOT retrace to $13.5 support pivot in 24 Hours? 2
Polkadot Price Chart by TradingView

In the last 24 hours, Polkadot is trading between $15.7 and $17.2 highs. The lows have been in the range of $15.5 and $16.9 approximately.

Today at roughly 1:00 (UTC), some resistance was observed after 3 hours of the bullish trend. In the three hours leading to the resistance, the price went from $15.8 to $16.45. From 2:00 (UTC) to 4:00 (UTC), the market remained bullish again in a similar pattern, until the bearish engulfing from 5:00 (UTC) till 8:00 (UTC).

Luckily, the fall was not big, and bulls quickly recovered again, hence pushing the price again from 9:00 (UTC). Until 12:00 (UTC), the market remained quite volatile with the resistance and momentum from bulls both building up simultaneously.

A relatively big jump was seen the from 11th until the 13th hour from $16.68 straight to $17.28. What is next for Polkadot price analysis? There has been a huge resistance at 14:00 as sellers rush to sell at $17.2. We would expect another bearish engulfing but at 15:00 (UTC), momentum from bulls seems to be building up again according to Polkadot price analysis.

Bulls are likely to get exhausted soon though, and the market will fall back to the support line of approximately $15.4 eventually, before picking up the heat again in the following days.

Polkadot Price Analysis – DOT/USD 4-Hour Chart

Polkadot Price Analysis: Will DOT retrace to $13.5 support pivot in 24 Hours? 3
Polkadot price chart by Tradingview

The DOT/USD 4-Hour chart reveals that the market has been bullish from 12:00 (UTC) yesterday. By today, the 7th of July, the market has retraced the bearish engulfing that occurred between 20:00 (UTC) on the 4th of July and 8:00 (UTC) on the 5th of July.

The market has also slightly touched the recent high of 29th June. From here, we can expect the resistance to slowly begin increasing. However, yet, the momentum from the bulls seems to be just slightly higher. Hence, significant volatility in the next few hours can be expected.

Polkadot is likely to fluctuate heavily between the day’s high of $17.00 and yesterday’s low of $15.1, as the market is quite hot right now. As soon as the price touches $15.0, the market could become bullish again resulting in another retrace as per Polkadot price analysis.  

Polkadot Price Analysis Conclusion: Hitting the $13.5 Support Soon?

In the remaining part of the week, Polkadot is expected to be led to a downside. However, it may not beat the support line of $13.5, although it is expected to fall up to that point. It is safe to expect a bearish engulfing after a lengthy bullish period.

While you wait to see how the market for Polkadot unfolds, how about you read our comprehensive cryptocurrency wallet guide?  

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and Artificial Intelligence. He also loves playing games and music in his spare time to keep his creative juices flowing.

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