Polkadot Price Analysis: DOT/USD is bearish for the next 24 hours

Chainlink Price Analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • DOT/USD is trading at $24.3.
  • A slow move higher was seen overnight.

Today’s Polkadot price prediction is favorable, as we expect there to be more retracement following the previous advance lower after support was found at $24 once again. As a result, DOT/USD will likely extend its gains over the next 24 hours.

Polkadot price has seen a strong bullish trend over the past few days, with the market retesting support at $24 on two separate occasions. A slow move higher was seen overnight, with DOT/USD advancing to as high as $26.50. The market is currently trading at around $25.50, representing a 2.5% increase over the past 24 hours.

This bullish momentum is expected to continue over the next 24 hours, with DOT/USD likely to make further gains. We expect some more retracement following the previous advance lower after support was found at $24 once again. As a result, we will likely see some consolidation over the next couple of days before further gains.

The market is expected to retest the $26 level, followed by some upside past this mark. However, this is only an indication of what we expect to see, and all short-term traders should exercise caution while trading DOT/USD today. A breakout above $27 could indicate that further gains are on the cards, with the next aim being $30.

The eighth-largest market cap was seen to have experienced a strong bullish trend over the past few days, although there has been some pullback after support at $24 was found once again. As a result of this, we expect that there will be more retracement over the next 24 hours.

DOT/USD 4-hour chart: DOT looks to retrace further?

On the 4-hour chart, we can observe that the price action for Polkadot is retracing from its prior decline as bears prepare for the next thrust lower.

Polkadot Price Analysis: DOT/USD is bearish for the next 24 hours 1
DOT/USD 4-hour chart. Source: TradingView

The price of Polkadot has been gradually declining over the last weeks. Following a strong selloff on December 4, DOT/USD reached a high of $31.5. Since then, bearish momentum has resumed, with the market lover gradually retreating.

The swing low from the previous swing high of $24 was retested on December 15. Another lower peak was formed following a reaction increase, suggesting a bearish market structure. On Friday, another test of the $24 support occurred, and yet another reversal developed as a result.

Probably, the Polkadot price movement has not yet reached its limit. The current DOT/USD price level should be reversed even higher, forming another lower high. Nonetheless, the overall market situation is still bearish.

Polkadot Price Analysis: Conclusion 

Polkadot’s price analysis is bullish today, as we anticipate a deeper retracement after the $24 support thwarted further decline. As a result, DOT/USD should continue to retreat over the next 24 hours before any more damage can be inflicted.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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