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Polkadot Price Analysis: Price of Polkadot rallies to $32, bulls prepare for ATH?

pOLKADOT

TL;DR Breakdown

  • Polkadot price analysis is trading bullishly 
  • Price of Polkadot on our 24-hour Polkadot price analysis is showing moderate volatility
  • Polkadot has undergone significant bullish momentum in the last 1 and a half months

Polkadot price analysis is trading bullishly after the smart contracts platform token emerged as the best coin of the day on the 24-hour chart. DOT/USD breached strong resistance at $29 to hit an intraday high of $32. The price of Polkadot is expected to rise in the course of the day as the bulls prepare to dash against an upper target of $35. 

A rally starting from July 20 to August 31 indicates a 205 percent improvement in the price of Polkadot between the $10.36 swing low to the $31.70 August swing high. Analysts are betting on an impending Polkadot rally, following the sudden breakout of its layer 1 competitor Solana into the $100 region. Most traders believe Polkadot will be the next altcoin to set an all-time high. 

Polkadot price movement in the last 24 hours: Polkadot sets higher low at $29.77

The price of Polkadot on our 24-hour Polkadot price analysis is showing moderate volatility between the daily range of  $29.77 – $32.08. The Layer 1 smart contract token saw its trading volume rise by 107 percent in the last 24 hours to a whopping $5.34 billion. Polkadot’s market ranks at position #9 with a total market valuation of $30.05 billion.

DOT/USD 4-hour chart:Will the price of Polkadot rally?

Our 4-hour Polkadot price analysis is indicating a bullish breakout with rejection at $31. We are hoping for the coin to rally and set a new high in the next 24 hours. 

Price of Polkadot
DOT/USD 4-hour chart:  Source: TradingView

Polkadot has undergone significant bullish momentum in the last 1 and a half months. The price of Polkadot has recorded approximately 208 percent gains to the press time high of $32. 

Bulls are attempting to flip the $29 resistance level into support, and use it to steer a rally towards $35. The initial support before the rally was located at $24.5 and is acting as a strong base for upward momentum. 

Overnight, the DOT/USD consolidated lots of gains making the coin the hottest gainer of the day with a 15 percent 24-hour positive change. We are expecting the price of Polkadot to continue rising and set new higher lows in the next 24 hours. 

Polkadot price analysis: Where is the price of Polkadot heading to? 

The upcoming parachain auctions that are going to take place on the Polkadot ecosystem could be the next momentum driers that could steer DOT/USD to an all-time high. Besides, a large number of projects are already expressing their interest in using Polkadot to power their operations. Therefore we can only continue betting on a positive long-term picture for the price of Polkadot. 

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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