- Polkadot price analysis indicates strong bullish momentum to follow.
- DOT/USD started pushing higher overnight.
- DOT broke past the $24 resistance earlier today.
Polkadot price analysis is bullish for today as bulls started to push the market higher overnight, and the $24 resistance was breached earlier today. Therefore, we expect DOT/USD to advance further today and reach the $26 mark next.
The cryptocurrency market trades in the green today as bulls took over the momentum overnight. Bitcoin is up by 3.6 percent, while Ethereum is up by 4.55 percent. Solana (SOL) is among the best performers, with a gain of 31 percent.
Polkadot price movement in the last 24 hours: Polkadot moves higher with strong momentum
DOT/USD traded in a range of $21.87 – $25.00, indicating substantial volatility over the last 24 hours. Trading volume has increased by 39.56 percent and totals $1.8 billion. Meanwhile, the total market capitalization trades around $24.66 billion, ranking the cryptocurrency in 9th place overall.
DOT/USD 4-hour chart: DOT targets $26 next
On the 4-hour chart, we can see the Polkadot price rapidly advancing over the past hours as bulls target the $26 resistance next.
Polkadot price action continues to rapidly advance over the past weeks after a new swing low was set around the $10.5 mark. So far, DOT/USD has gained more than 130 percent to the $24 resistance.
Slowdown for momentum is yet to be seen as several higher highs and lows have been set along the area between the 100 hour moving average blue line and the 200 hour moving average red line. As long as the Polkadot price keeps respecting this area, we can expect bullish momentum to continue over the next weeks.
After some consolidation yesterday along the support area of moving averages, DOT/USD started to rally further overnight. This price action development has resulted in the $24 resistance broken over the past hours. DOT/USD should reach the $26 resistance next and likely retrace to set another higher low from there later this week.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for the next 24 hours as bulls are actively pushing the market price higher today. DOT/USD broke past the $24 resistance with no hesitation, meaning that we expect the next resistance at $26 to be reached later today.
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