- Polkadot price analysis indicates bullishness on the 24-hour chart
- DOT traded within a narrow range from $31 – $32
- Traders are urged to expect gains in the next 24 hours.
Polkadot price analysis indicates bullishness on the 24-hour chart after setting a higher low at $31. DOT has been trying to claim the $31 mark for days but failed desperately due to heightening resistance at $29. And when traders thought the bulls had been exhausted and the price turned down towards $23.5 base, bulls came in and propelled Polkadot upwards, breaching the $30 barrier.
Polkadot price movement in the last 24 hours: Tight range
According to our candlesticks on the 24-hour Polkadot price analysis, DOT traded within a narrow range that begins from a daily low of $31 to a daily high of $33.2. The total daily volume for DOT dropped by 39 percent to $2.9 billion. Coin Market Cap ranked Polkadot at number #9 with a market capitalization of $32 billion.
DOT/USD 4-hour chart: DOT/USD starts to rally
On the 4-hour Polkadot price analysis candlesticks, DOT/USD price action is almost closing in near the daily high as the bulls continue increasing momentum.
The layer one smart contracts token has witnessed significant gains in the past days, with a month-long rally worth 230 percent from $10.5 to $30. The coin did retrace lower from the $30 point for a few days before bouncing back and rapidly increasing on Tuesday night.
There is strong support at $25.5, where the bulls defend the price action from further upsides.
On the 4-hour Polkadot price analysis MACD indicator, divergence favors the bulls, with the bars recording more greens than reds. The price action has broken below the lower band of the Bollinger Band as the space between the bands continues to contract to indicate decreasing trading activity.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is positive, and traders are urged to expect gains in the next 24 hours. The coin has already recovered losses incurred in the past few days of retracement, and break-even traders hae already taken their profits. Hence suggesting there is more space for buyers to continue flooding the Polkadot market.
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.
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