Polkadot News

Polkadot Price Analysis: DOT tests the $13 mark as a resistance, moves towards $10.5 next?

TL;DR Breakdown

  • DOT slowly moved towards $13 resistance overnight.
  • Bears start to push DOT lower again.
  • Next target at $10.5.

Polkadot price analysis is bearish for the next 24 hours as the market retraced yesterday and found resistance around the $13 mark. From there, XRP/USD pushed lower once again as bears target the $10.5 mark next.

Cryptocurrency heat map. Source: Coin360

Cryptocurrency market trades in the red over the last 24 hours. Bitcoin is down by 2.2 percent, while DOTereum is down by 5.34 percent. Dogecoin (DOGE) and Binance Coin (BNB) are among the worst performers, with a loss of 7 percent.

Polkadot price movement in the last 24 hours: Polkadot tests the $13 mark as a resistance

DOT moved in a range of $11.36 – $12.79, indicating strong volatility over the last 24 hours. Trading volume increased by 13.44 percent and totals $813.3 billion. Meanwhile, the total market capitalization has declined to $11.15 billion, ranking the cryptocurrency in 10th place overall.

DOT/USD 4-hour chart: DOT is on its way to $10.5 next

On the 4-hour chart, we can see the Polkadot price starting to decline over the past hours as bears target the $10.5 mark next.

DOT/USD 4-hour chart. Source: TradingView

The overall market structure is still heavily bearish as another strong wave started after a quick spike above the $17 mark on the 7th of July. From there, the $15 support was broken, and DOT/USD saw a several-day decline towards the $13 previous major low.

On the 16th of July, DOT/USD broke below the $13 support and retested it as a resistance yesterday. Overnight, DOT consolidated, with some bearish momentum appearing early today.

Since then, Polkadot price has moved lower and lost almost 10 percent as bears continue to push the market towards the $10.5 support.

Polkadot Price Analysis: Conclusion

Polkadot price analysis is bearish for the next 24 hours as bears have established a clear lower high around $13 resistance overnight. Currently, DOT/USD has already started to move lower and targets the $10.5 support next. 

While waiting for DOT to move lower, 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.

This post was last modified on July 19, 2021 3:29 pm

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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