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Polkadot Price Analysis: DOT rallies to $32, bulls preparing to consolidate

Sushiswap Price analysis

TL;DR Breakdown

  • Polkadot price analysis is trading bullishly 
  • DOT/USD recorded downsides yesterday
  • DOT aims at $35

Our 24-hour Polkadot price analysis indicates bullish signals on the daily chart after the coin set a higher low near the previous resistance at $30. Therefore, we are anticipating DOT/USD to record further gains in the next 24-hours as the bulls reach out for the $35 swing high. 

Polkadot Price Analysis: DOT rallies to $32, bulls preparing to consolidate 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is trading in the bullish region with market leaders BTC and ETH both gaining around 1 percent. Cardano is the best performer of the day with a 24-hour positive change of 12 percent. We are expecting the general cryptocurrency market to post further gains in the course of the upcoming week. 

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

On our 24-hour Polkadot price analysis, DOT/USD has been trading within a moderate range of $29.27 – $32.79. Thereby suggesting the presence of moderately distributed volatility over the last 24-hours. The total trading volume for DOT dropped by 3 percent and totals $2.67 billion. Coin Market Cap ranks Polkadot at position #9 overall with a total market capitalization of $31 billion.

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

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

Polkadot Price Analysis: DOT rallies to $32, bulls preparing to consolidate 2

DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action has developed substantial bullishness over the last month after rallying by 175 percent from $10.5 to $32. DOT/USD is yet to gain more upsides in the course of the day and potentially retest another support higher. 

Overnight, DOT reversed and has since moved higher to regain some of the loss seen over the last few 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.

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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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