- Polkadot price analysis is bullish for today.
- DOT/USD consolidates above $27 over the weekend.
- DOT prepares targets the $30 mark next?
Polkadot price analysis is bullish today as the market continued to consolidate in an increasingly tighter range above the $27 mark over the last 24 hours. Therefore, we expect DOT/USD to rally to the $30 mark next.
The cryptocurrency market traded with a slight loss over the last 24 hours. Bitcoin has lost 1.71 percent, while Ethereum 0.49 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 8.35 percent.
Polkadot price movement in the last 24 hours: Polkadot still holds above $27
DOT/USD traded in a range of $27.15 – $28.24, indicating mild volatility. Trading volume has decreased 24.76 percent as the market has calmed down and totals $1.45 billion. Meanwhile, the total market capitalization trades around $27.11 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT ready to break the $30 mark next?
On the 4-hour chart, we can see the Polkadot price has established a consolidation, which will serve as a base from which to move to the $30 mark later this week.
The Polkadot price action continues to trade in a very strong bullish momentum. After setting a major swing low of around $10.5 on the 20th of July, DOT/USD started to rally and broke past the previous swing high resistances.
Overall, DOT has gained more than 175 percent in a little over a month, indicating very strong bullish momentum. However, after reaching the $29 mark, bulls were exhausted, and a slight retracement was needed.
Over the weekend, the Polkadot price retraced to the $27 mark, where a several-day consolidation area was formed. As long as the $27 mark holds, we expect DOT/USD to rally higher later this week and target the next significant resistance at $30.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish today as the market continues to consolidate above the $27 previous resistance turned support. Therefore, we expect DOT/USD to rally to the $30 next resistance next.
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