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Polkadot Price Analysis: DOT set to reach $10.5 next?

Polkadot analysis

TL;DR Breakdown

  • DOT moved lower yesterday.
  • Previous support around $16 broken.
  • DOT/USD targets $10.5 next. 

Polkadot price analysis indicates bearish momentum over the next 24 hours as bears continue to push the market below the $13 previous support. Therefore, we expect DOT/USD to reach the next support of around $10.5 over the next few days.

Polkadot Price Analysis: DOT set to reach $10.5 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost 1.56 percent, while Ethereum 2.7 percent. Polkadot (DOT) is among the worst performers, with a loss of around 5.6 percent.

Polkadot price movement in the last 24 hours: Polkadot breaks below $13 support

DOT/USD traded in a range of $11.90 – $12.91, indicating a moderate amount of volatility. Trading volume has seen a slight increase of 4.83 percent and totals $827.9 billion. Meanwhile, the total market capitalization trades around $11.8 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart: DOT targets $10.5 next

On the 4-hour chart, we can see the Polkadot price continuing to decline over the past week as bears target the $10.5 support next.

Polkadot Price Analysis: DOT set to reach $10.5 next?
DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action continued to decline over the past week after a rally above the $17 mark was seen on the 7th of July. However, bears quickly pushed DOT/USD back below the resistance, with the $15 major support retested.

After several days of consolidation above the $15 support, the Polkadot price spiked lower and started a several-day wave lower. Yesterday, DOT broke past the next major support, around $13, without much hesitation, leading towards a bearish continuation overnight.

Today, DOT/USD saw further downside, with the next round number milestone of $12 reached over the past hours. Since no signs of recovery are seen, we expect DOT/USD to continue moving lower over the weekend and reach the next major support around $10.5 early next week.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bearish for today as the market broke past the previous support around $13 and is currently set to reach further lows. Therefore we should see DOT/USD reach the next support target around $10.5 early next week. 

While waiting for Polkadot to drop further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you 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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