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Polkadot Price Analysis: DOT finds support at $26 after a gradual overnight climb

pOLKADOT

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • DOT/USD dropped over 35 percent since the last high.
  • Support was found at $26 this morning.

The price of Polkadot is climbing today, as we anticipate recovery to follow after a rapid reaction increase from the newly discovered swing low. As a result, we expect DOT/USD to advance further today and look to challenge previous support as resistance at $33.

Polkadot Price Analysis: DOT finds support at $26 after a gradual overnight climb 1Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has posted mixed results over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, gained flat rates of 0.26 and 0.43 percent, respectively, while the rest of the top altcoins have lost.

Polkadot price movement in the last 24 hours: Polkadot continues to rise

The price of DOT/USD, which has been on a downward trend all year long, fluctuated between $26.72 and $28.49 during the last 24 hours, indicating significant volatility in that time frame. Trading volume has increased by 207 percent, reaching $2.83 billion. Meanwhile, the overall market capitalization is about $27.5 billion.

DOT/USD 4-hour chart: DOT starts to react higher

On the 4-hour chart, we can see the Polkadot price action establishing strong support at $26.35 this morning, suggesting a quick bounce back over the next 24 hours.

Polkadot price analysis
DOT/USD 4-hour chart. Source: TradingView

The price of Polkadot has been declining for several weeks now. After the previous low of $33 was reached on the 28th of November, DOT/USD gradually receded back upward.

Following a higher high of $40 on December 3, another lower peak was established around $39 on December 10, which resulted in a sluggish drop throughout the first days of the month. On Thursday, DOT began to rapidly plummet. Yesterday’s drop has been extremely quick as well as intraday.

The price of DOT/USD fell to a new low on January 5, 2019, at $33. The previous low was swiftly achieved and clearly broken, paving the way for a considerable decline. Owing to strong selling pressure throughout the night, the Polkadot price dropped below $25 for the first time since its inception.

Polkadot Price Analysis: Conclusion 

Today’s price analysis for Polkadot is bullish, as we saw a significant drop ends in a brief rejection from the $24.35 level. As a result, we expect DOT/USD to recoup its losses and approach the previous low of around $33 later.

While waiting for Polkadot to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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