- Polkadot price analysis is bullish today
- PolkaDot (DOT) has fluctuated in the range of $26 and $29.91
- we may see a sideways movement in the Polkadot market
The Polkadot price forecast is bearish for today, as the market retraced over the last 24 hours after establishing a somewhat higher high yesterday. As a result, we expect DOT/USD to continue declining and to reverse more of its recent gains.
Polkadot price movement in the last 24 hours: Polkadot drops to $28
Over the past 24 hours, PolkaDot (DOT) has fluctuated in the range of $26 and $29.91, indicating a moderate amount of movement over that duration. Volumes have increased by 111.93% to $3.39 billion as the overall market value has declined to approximately $28.2 billion, putting it at position #11 overall.
DOT/USD 4-hour chart: DOT set for further retracement?
Over the next several days, we may see a sideways movement in the Polkadot market, as shown by the 4-hour Polkadot price analysis chart.
DOT/USD 4-hour chart. Source: TradingView
The price of Polkadot has increased significantly in the last few days. This week, after establishing a higher low around $23.5 on August 26, DOT/USD gained further momentum.
After that, the momentum slowed and a somewhat higher high was established, suggesting exhaustion, DOT had increased about 45 percent. This price movement has resulted in a minor retreat during the previous 24 hours, with $32 serving as support for now.
However, since bulls are likely to be exhausted, we anticipate DOT/USD to recover next week and regain some of the gains made this week. The next support level is $30, with further support at the $29 previous swing high.
Polkadot Price Analysis: Conclusion
According to Polkadot price analysis, a retracement is on the way, with Polkadot’s downward price movement suggesting that a retreat is on the way. As a result, we anticipate DOT/USD to drop further over the next 24 hours, stopping at $30 as support.
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