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Polkadot Price Analysis: DOT retraces to $17 support, ready to spike higher?

Polkadot Price analysis

TL;DR Breakdown

  • DOT retraced to the $17 mark yesterday.
  • Polkadot consolidated overnight.
  • DOT/USD ready for further highs

Polkadot price analysis is bullish for today as support was found around the $17 mark overnight after a strong retracement yesterday. Therefore, we expect DOT/USD to rally later today and reach further highs later this week.

Polkadot Price Analysis: DOT retraces to $17 support, ready to spike higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with a slight loss over the last 24 hours. Bitcoin is down by 2.11 percent, while Ethereum by around 0.95 percent. Cardano (ADA) is among the best performers with a gain of 1.32 percent.

Polkadot price movement in the last 24 hours: Polkadot finds support above $17

DOT/USD traded in a range of $16.87 – $17.77, indicating mild volatility over the last 24 hours. Trading volume has decreased by 18.65 percent and totals $1.15 billion. Meanwhile, the total market capitalization trades around $17 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart: DOT prepares for another rally?

On the 4-hour chart, we can see the Polkadot price establishing a higher low overnight in preparation for another push higher later this week.

Polkadot Price Analysis: DOT retraces to $17 support, ready to spike higher?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action traded with a strong bullish momentum over the past weeks after a lower swing low was set around the $10.5 mark. From the $10.5 mark, DOT/USD rallied by more than 85 percent and breached past the previous swing high at $17.5.

On Sunday, DOT/USD saw another spike higher, to the $20 mark. Around the $20 mark, any further upside was heavily rejected and DOT started to reverse lower from there. After a strong decline yesterday, support was found around the $17 mark overnight

This Polkadot price action development has resulted in another higher low set, with a base from which to move higher still being set. Once DOT builds up enough momentum, we should see another push higher above the $20 mark, with the next resistance level around $24. 

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish for the upcoming days as a new higher low was established overnight above the $17 mark. From the $17 support, we expect DOT/USD to move higher later this week and reach towards the next major resistance target around the $24 mark.

While waiting for Polkadot to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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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