- Polkadot price analysis is bullish today.
- DOT/USD continued to consolidate above $26.
- Slight resistance formed around $28.
Polkadot price analysis is bullish today as the market has refused to move any lower over the last 24 hours. Therefore, we expect DOT/USD to prepare for a retracement, leading to more upside next week.
The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have both declined, while Terra (LUNA) is the worst performer, as it has lost over 11.4 percent.
Polkadot price movement in the last 24 hours: Polkadot continues to respect the $26 support, local resistance found at $26
DOT/USD traded in a range of $25.91 – $28.40, indicating mild volatility over the last 24 hours. Trading volume has increased by 26.42 percent, totaling $1.55 billion. Meanwhile, the total market cap trades around $27.16 billion, ranking the coin in 9th place overall.
DOT/USD 4-hour chart: DOT slowly reverses?
On the 4-hour chart, we can see the Polkadot price continuing to respect the $26 support as the market likely prepares for a push higher later in the weekend.
Polkadot price has seen an attempt to recovery this week. After previously spiking to $25 last Friday, a new support area was established around $25 -$26 during the follow-up test of downside.
From there, DOT/USD saw a strong push higher on the 7th of December, setting a local higher high at $31.5. However, more upside did not follow after consolidation a day later. DOT started to decline again on Thursday, reaching the $26 support again early on Friday.
Since then, the Polkadot price action has remained rather calm, trading above the newly found support. Likely this price action development could indicate a potential reversal forming. However, considering the overall market structure over the past weeks, it would be no surprise to see DOT/USD spike lower again next week.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish today as the market holds above the $26 support. Therefore, we assume DOT/USD is slowly preparing to reverse and head higher again next week.