- DOT/USD is trading bullishly on the 24-hour Polkadot price analysis
- DOT/USD recorded strong upsides today
- DOT currently is targeting $39
DOT/USD is trading bullishly on the 24-hour Polkadot price analysis after the market corrected to another lower low and has already recovered losses from yesterday’s session. Therefore, we are hoping for DOT/USD to witness further upsides later today.
The general cryptocurrency market is trading bullishly after the majority of the coins recorded more than 4 percent in gains. Bitcoin and Ethereum saw a gain of 3 percent and 3.08 percent respectively.
Polkadot price movement in the last 24 hours: Polkadot sets higher low at $35
DOT/USD traded in a range of $35.086 – $36.964, 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
DOT/USD begun to rally on our 4-hour Polkadot price analysis chart after setting a higher low at $35.
DOT/USD 4-hour chart. Source: TradingView
Polkadot price action has recorded a substantial development over the 30-days. The coin advanced from the $10.5 support and rallied by approximately 175 percent until reaching resistance at $29.
DOT/USD consolidated below the $29 resistance for days and underwent a rapid decline on Tuesday. Support was initially found above $28.0, however, more downside was seen yesterday as another push lower took the Polkadot price to $31.5.
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 $37.
Polkadot Price Analysis: Conclusion
Our Polkadot price analysis suggests bullish momentum will take place as the market begins to retrace higher in the next 24 hours. Therefore, we are hoping for DOT/USD to resume a strong bullish trend line and target the $39 resistance.
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