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Polkadot Price Analysis: DOT retraces to $28, amidst tight daily range

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TL;DR Breakdown

  • Our Polkadot price analysis suggests bullishness
  • DOT/USD reversed to $28
  • DOT is set to test higher lows today

Today’s Polkadot price analysis suggests bullish signals in the next 24-hours of candlesticks after the coin retested the $30 support and was pulled lower near the $28 mark. Therefore, we are looking forward to an uptrend in the course of the day where Polkadot could rally once more and breach the $30 mark. 

The overall cryptocurrency market trades bearishly, with the majority of the altcoins recording losses on the 24-hour chart. Market leaders BTC and ETH lost more than 3 percent, while Solana turned out to be the worst performer of the day after shedding 15 percent of its value. 

Polkadot price movement in the last 24 hours: Polkadot struggles with $29 resistance

According to our daily Polkadot price analysis, the DOT/USD underwent a tight daily range of $28.25 – $29.80 over the last 24-hours. Trading volume dropped by 13.50 percent on the daily chart to a sum of $3.04 billion. Coin Market Cap data indicated a total market capitalization of $31.7 billion after a 7.93 percent decline. Polkadot was displaced from position #9 by the USDC stablecoin after the drop in market capitalization.

DOT/USD 4-hour chart: DOT ready to reverse again?

On the 4-hour Polkadot price analysis chart, we see DOT/USD price action advocating for another push higher on the 24-hour chart. 

Polkadot Price Analysis: DOT retraces to $28, amidst tight daily range 1
DOT/USD 4-hour chart. Source: TradingView

Polkadot’s price action has recorded rapid bullish momentum over the past month. From the previous July swing low of $10.5, DOT/USD went up by over 250 percent to the $35 mark.

However, buyers could not successfully cap more gains, after several weeks of consolidation, DOT reversed. After a drop of 15 percent, support was found above $29.40, and later the coin would reverse once again above $30.

Polkadot has since retested the  $30 multiple times, with the $29 mark acting as seller resistance. With the last one seen yesterday on the 2-day chart. As long as the support holds, we can expect the Polkadot price to reverse later today and quickly advance to $38.

Polkadot Price Analysis: Conclusion 

Our 24-hour Polkadot price analysis is bullish and indicates positive signals above $35. We expect the coin to prepare for further upsides as the DOT/USD rallies higher and higher in the second week of September.  

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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