logo

Polkadot Price Analysis: DOT fails to break $24, begins to consolidate

Polkadot Price analysis

TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • DOT/USD continues consolidating overnight.
  • Resistance at $26 tested again.

Polkadot price analysis is bullish today as we expect more upside to follow after the $24.5 mark reversed the previous decline. Likely, DOT/USD will move to break above $26 next and retrace the loss seen earlier this week.

Polkadot Price Analysis: DOT fails to break $24, begins to consolidate 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum slowly return over the last 24 hours. The market leader, Bitcoin, has lost 0.38 percent, while Ethereum has gained 0.11 percent. Polkadot (DOT) trades in the red, with a loss of almost 1 percent.

Polkadot price movement in the last 24 hours: Polkadot consolidates in an increasingly tighter range

DOT/USD traded in a range of $24.74 – $25.93, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.72 percent, totaling $1.922 billion. Meanwhile, the total market cap trades around $25 billion, ranking the coin in 10th place overall.

DOT/USD 4-hour chart: DOT ready to reverse? 

On the 4-hour chart, we can see the Polkadot price likely forming a base from which to reverse later in the weekend.

Polkadot Price Analysis: DOT fails to break $24, begins to consolidate
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action saw another strong decline this week. After previously retracing to $30.5, where consolidation was formed, a sharp drop lower followed on the 4th of January.

DOT/USD dropped 20 percent until the $25 mark, with further downside reached a day later above $24. Therefore, we assume bears are now exhausted, and DOT could see a reversal over the next days.

The current sideways movement likely has prepared a strong base from which to reverse. Once the Polkadot price action can break above $26 local resistance, we expect to see a lot more upside tested.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as we expect the current consolidation to end with a spike higher. Likely bears are now exhausted, and DOT/USD is ready to retrace the loss seen earlier this week.

While waiting for Polkadot to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

Cardano price analysis: ADA rebounds to $0.324 after bullish behavior
Ethereum price analysis: ETH/USD continues to hover around $1,290 with a minor bearish bias
S. Korean court rejects arrest warrant for Terra co-founder Shin
FTX ex-president plans new crypto startup
Crypto lender Genesis owes nearly $1B to Gemini's customers

Follow Us

Industry News

S. Korean court rejects arrest warrant for Terra co-founder Shin
FTX ex-president plans new crypto startup
MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee
Stripe unveils new crypto to fiat feature
'I think he's telling the truth,’ Kevin O'Leary on SBF

Add Your Heading Text Here