- Polkadot price analysis is bullish today.
- PolkaDot (DOT) is currently trading at $29.67.
- Polkadot price has shot up dramatically in the last few days.
We anticipate that the market will retrace over the last 24 hours after establishing a somewhat higher high yesterday. As a result, we expect DOT/USD to continue declining and reverse more of its recent advances.
Polkadot price movement in the last 24 hours: Polkadot drops to $28
We expect a bearish movement in DOT/USD today. Over the past few days, Polkadot has been consolidating its gains. We anticipate that DOT/USD might retrace over the next 24 hours but remain within its most recent trading range. This will likely be a period of sideways movement for this market.
If the price of Polkadot falls below $28, we think it will retrace back to its 20-day EMA of $26. On the other hand, if Polkadot establishes a new high above $30, a resistance test at $34.50 is expected before the trend reverses.
If the decline in DOT/USD is allowed to continue, it will most likely consolidate sideways for the next several hours. We anticipate that this market will breakout either up or down within the following 24 hours.
DOT/USD 4-hour chart: DOT set for further retracement?
We may observe a sideways movement in the Polkadot market over the next several days, as evidenced by the 4-hour Polkadot price analysis chart.
The price of Polkadot has shot up dramatically in the last few days. DOT/USD gained further steam this week following a higher low of around $23.5 on August 26; DOT/USD gained further steam this week.
Following that, the momentum slowed down, and a somewhat higher high was established, suggesting exhaustion, DOT had increased by roughly 45 percent. During the previous 24 hours, this price movement has resulted in a little retreat, with $32 acting as support for now.
However, we anticipate that the market will retrace over the next 24 hours after establishing a higher high yesterday. As a result, we expect DOT/USD to continue declining and reverse more of its recent advances.
The technical indicators in the DOT/USD 4-hour chart indicate that the price of Polkadot might be moving into a period of consolidation.
If the market breaks out up or down within the next 24 hours, we expect it to resume its uptrend or downturn. As a result, we anticipate a market reversal and an opportunity to close our open position and enter another at a lower risk. We predict that the market will retrace back down towards $27 before resuming its trend upward.
Polkadot Price Analysis: Conclusion
In the last 24 hours, PolkaDot has fluctuated in the range of $28-$30, indicating a moderate volatile market. Despite the recent gains, we expect a bearish movement in DOT/USD today.
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