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Polkadot Price Analysis: Will DOT correct lower than $18 after building $15 support

Polkadot price

TL;DR Breakdown

  • The DOT/USD trading pair is expected to push upwards until the $19 resistance
  • DOT/USD fluctuated between $17.55 and $18.88 
  • At the time of writing, DOT is trading at $18.12

Polkadot Price Analysis: General price analysis

The DOT/USD trading pair is expected to push upwards until the $19 resistance. If it falls back, then there will be another opportunity for upward momentum in the coming hours across the 24-hour chart. The coin has formed a Head and Shoulder pattern in the 1H, with the highest peak touching  $18.60. There are 3 peaks to the H&S pattern which are smaller than the middle one. Furthermore, on to the 1-hour chart, the price is slopping downwards from $18.5 and could break out into the $17.8 region at any time. 

Overall, the cryptocurrency market is trading with mixed signals. Experiencing some slight losses in market leaders Bitcoin and Ethereum. Polkadot, Ripple, and Dogecoin are 6.90, 3.20, and 3.97 percent down respectively. The daily Polkadot price analysis is bearish but the bulls are attempting to push the technical upwards and reverse existing weaknesses. 

Polkadot price movement in the last 24 hours: Mild fluctuations

Traders believe near-term sessions will not show significant price movements due to mild volatility across the daily chart. In spite of these small gains, it is difficult to make a bullish outlook from those slight increases. Nonetheless, buyers are hoping to overturn the losses and sustain enough momentum to support an uptick in the short/medium term.

Polkadot
Source: TradingView

DOT/USD fluctuated between $17.55 and $18.88 (mild volatility). The decreasing trading volume of 32.21% totaled around $1.8 billion, with the coin performing among the leading nine cryptocurrencies in terms of total market capitalization with $17 billion.

DOT/USD 4-hour chart: DOT Bears

On the 4-hour chart, we can see that prices are rejecting further upside movement as bears prepare to push lower. The falling prices across the market could be attributed to downsloping trading volumes after the weekend. 

Polkadot (DOT) price action traded within a strong bullish momentum since Friday. The uptrend was strong to rebound the strong decline witnessed earlier this month that saw Polkadot hit the $10.5 mark. Meanwhile, the bulls were able to break above the $15 price level. 

This  $15 mark has acted as a strong support level for Polkadot, hence sustaining the upward movement to retest that point earlier this week. It is a crucial point because it often acts as a resistance level instead of a support point.

At the time of writing, DOT/USD is trading at $18.12. The next hours might see DOT witness several downsides due to increasing seller volumes. 

Polkadot price analysis conclusion  

As a result of Polkadot’s latest break below $18.5, we are now looking for a retest of $17.8 as the next price floor. You can check out our guides on Bitcoin Transactions, DeFi advantages, and Bitcoin Faucets

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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