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Polkadot Price Analysis: DOT reached $46, more upside to follow?

Polkadot Price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • DOT/USD saw further highs yesterday.
  • Slight retracement earlier today set a higher low. 

Polkadot price analysis is bullish today as a higher low has been set today after the $46 mark was reached yesterday. Therefore, we expect DOT/USD to continue higher later today.

Polkadot Price Analysis: DOT reached $46, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded mostly in the green over the last 24 hours, with Bitcoin up by 4.68 percent while Ethereum up by 2.88 percent. Meanwhile, Solana (SOL) leads the market with a gain of almost 10 percent.

Polkadot price movement in the last 24 hours: Polkadot sets new high at $46

DOT/USD traded in a range of $41.35 – $43.99, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 39.25 percent and totals $1.479 billion, while the total market cap trades around $43 billion, ranking the coin in 8th place overall.

DOT/USD 4-hour chart: DOT retraces to $43 before further upside follows?

On the 4-hour chart, we can see the Polkadot price action slightly retracing as bulls prepare for another push higher above $46.

Polkadot Price Analysis: DOT reached $46, more upside to follow?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has seen strong bullish momentum over the past weeks. After a strong move higher began at the end of July, DOT/USD found the first higher high peak at $30 in August.

From there, further moves higher at the beginning of September took the market to $38. After a retracement and consolidation above $26 at the end of September, another strong rally began on the first of October.

The Polkadot price rapidly reached the $43 mark, with slightly higher highs set over the next week until the $46 mark was reached Friday. Since then, DOT/USD has retraced and established a higher low, from which to move higher later this week.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as a higher low has been set after the $46 mark was reached yesterday. Therefore, we expect DOT/USD to continue higher today, with the next major resistance at $49.

While waiting for Polkadot to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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