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Polkadot Price Analysis: DOT breaks below $24.5, sets another lower low at $23.5

Polkadot Price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish for today.
  • DOT/USD saw further downside yesterday.
  • DOT currently retraces some of the loss.

Polkadot price analysis is bullish for today as the market has set another lower low and currently regains yesterday`s loss. Therefore, we expect DOT/USD to see further upside today.

Polkadot Price Analysis: DOT breaks below $24.5, sets another lower low at $23.5 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, have both seen an increase, with a 1.63 and 2.29 gain, respectively.

Polkadot price movement in the last 24 hours: Polkadot sets another lower low at $23.5

DOT/USD traded in a range of $23.46 – $25.44, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.93 percent and totals $1.785 billion, while the total market cap trades around $25.12 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT starts to rally

On the 4-hour chart, we can see the Polkadot price starting to rally again after setting a lower low yesterday.

Polkadot Price Analysis: DOT breaks below $24.5, sets another lower low at $23.5
DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action has seen a substantial advance over the last month. From the $10.5 support, DOT/USD has rallied by more than 175 percent until resistance was found around $29. 

Below the $29 resistance, DOT/USD consolidated for several days and saw a rapid decline on Tuesday. Support was initially found above $24.5, however, more downside was seen yesterday as another push lower took the Polkadot price to $23.5.

Overnight, DOT reversed and has since moved higher to regain some of the loss seen over the last days. Therefore, we expect DOT to continue moving higher today and return above the previous swing high of $29 over the weekend.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis indicates bullish momentum to follow as the market started to rally earlier today after another lower low yesterday. Therefore, we expect DOT/USD to regain more of the loss and return towards the previous swing high at $29.

While waiting for Polkadot to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as 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.

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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