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Polkadot Price Analysis: Polkadot bears overturn buyers’ attempt to sustain $30

pOLKADOT

TL;DR Breakdown

  • Today’s Polkadot price analysis is bearish after undergoing a 5.76 percent
  • DOT/USD traded within a daily range of $27.5 – $28.5.

Today’s Polkadot price analysis is bearish after undergoing a 5.76 percent retracement overnight to the $27 price mark. Polkadot met rejection on the daily chart at $29.33 when bulls attempted to cross the $30 region. We are expecting to witness a breakout today if the buyers are able to defend the $26 support. Failure to sustain momentum might result in a downswing towards this week’s swing high at $23.

Polkadot price movement in the last 24 -hours: Tight price movements

According to our Polkadot price analysis, DOT/USD traded within a daily range of $27.5 – $28.5. Such a tight range suggesting low volatility across the daily chart. Polkadot’s trading volume faced a 26.40 percent plummet to a total of $1.8 billion. The total market capitalization stands at $27.7 billion after a 3.26 percent drop in the last 24 hours. 

4-hour Polkadot Price Analysis: Will bulls cross $30?

On the 4-hour Polkadot price analysis, DOT/USD is correcting upwards from a peak and trough pattern, with the bottom at $27.30 and a peek at aimed towards the $28 region. The bulls seem persistent to set a new high on the 24-hour chart, but their attempts are being met by stronger bearish forces. 

Polkadot price action has witnessed bullish patterns in the past 4 -weeks. This was after the coin underwent a rapid swing low in June to the $10.4 mark ahead of rallying by approximately 150- percent to the press time price of $27.7. 

Polkadot Price Analysis: Polkadot bears overturn buyers' attempt to sustain $30 1
Source: Tradingview

DOT/USD did not have a good start into the week following a 20 percent retracement to the $23 support mark. The bears are still acting against the upper support levels and persistently want the price to retest this mark. Nonetheless, Polkadot price action did hit a higher low at that point, and the altcoin’s market has been consolidating above it for the past 48-hours. 

Bullish developments did result in a higher rally due to increasing trading volumes which saw the price hit near the $30 region. Meanwhile, the bears came in and caused a 5.76 percent retracement.  The bulls are likely to set a new high today if they are able to counter the current bearish trend. On the contrary, the bears are working against time and could crash the $23 support if sellers keep showing up. 

Polkadot price analysis conclusion

Polkadot price analysis is bearish as a strong downswing was seen yesterday, and the market price currently trades just near the $27.4 previous high. Therefore, we expect DOT/USD to retrace lower later today and target the $26 mark next.

While waiting for DOT/USD to move further, read our articles on Decentralized Exchanges,   Bitcoin Futures, and NFT Marketplace.

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.

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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