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Polkadot Price Analysis: DOT/USD preparing buyers to push price against $21.50 overhead resistance

pOLKADOT

TL;DR Breakdown

  • The price of DOT/USD ranged from $18.7 to $19.7 in the last 24 hours
  • As of the writing of this analysis, Polkadot is trading at $19.29 against the US dollar
  • There is a likelihood of retesting the $17.90 price zone

Polkadot Price Analysis: General price overview

Despite Polkadot price undergoing an exponential increase over a brief period between July 20 – August 8, the coin failed to spark a good start on the daily chart. When you combine that with the overall selling pressure in this market and the signal from a technical indicator telling people to sell while they still can, people started dumping their holdings even more.

According to today’s Polkadot price analysis, the trendline of the coin has shown indications that the bear will be in control in the upcoming sessions. In particular, the digital coin had risen to a new high at $21.5 before the bulls got exhausted and retraced downwards; therefore, we expect it to retrace and retest previous resistance around $15 as the main support in the course of the week. 

Generally, cryptocurrency prices have mainly remained bullish on the 3-day chart. However, on the 24-hour chart, market leader Bitcoin is down by 2.11%. Ethereum and Dogecoin are down by losses above 5 percent. 

Polkadot price movement in the last 24 hours

The price of DOT/USD ranged from $18.7 to $19.7 in the last 24 hours, indicating a slight level of volatility. Trading volume decreased by 20.25%. The total market capitalization is at around $18 billion, with trading volumes estimated at $1.2 billion. 

The support level at $18.34 is the first set of prices sellers will encounter if they want to liquidate their position in DOT.  If you are a seller, breaching $18.34 will push your price down to roughly 12% below what it was before for the current position. 

There is a likelihood of retesting the $17.90 price zone, a  price point at which an upswing could originate from this value point on up.

If the buyers push prices back up and over the upper limit of the supply zone at $19.80, it will indicate that an upswing is likely to be sustained. Confirmation of a bull market will occur if Polkadot rises above the prevailing sell-off. This could lead to a 15% climb from $19.13 and up to $23.66

Polkadot price analysis
Source: TradingView

Polkadot 4-hour price analysis

Polkadot is attempting to consolidate above $19.35 on the 4-hour Polkadot price analysis chart. The consolidation is a preparation to gain above the $20 levels and spark an uptrend towards last week’s $29 support. As of the writing of this analysis, Polkadot is trading at $19.29 against the US dollar. 

Polkadot price analysis conclusion

Rob Habermeier, the co-founder of Polkadot, has said in an interview with The Scoop that the project is still in its early stages but launched parachains on the Kusama Network. Unlike many blockchains which establish data structures for the entire decentralized industry sector, Polkadot treats itself as a very specialized blockchain.

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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