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Polkadot Price Analysis: DOT spikes to $10.5, break lower today?

Polkadot Price analysis

TL;DR Breakdown

  • DOT moved lower yesterday.
  • Bearish momentum continued overnight.
  • Next support ar $10.5 reached.

Polkadot price analysis indicates bearish price action to follow later today as bears have rapidly pushed the market towards the $10.5 support. Therefore, we can expect DOT/USD to break below $10.5 later today and continue its way towards further lows.

Polkadot Price Analysis: DOT spikes to $10.5, break lower today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost 5.64 percent, while Ethereum has lost more than 7 percent. Binance Coin (BNB) and Cardano (ADA) are among the worst performers, with a loss of around 12 percent.

Polkadot price movement in the last 24 hours: Polkadot rapidly drops to $10.5

DOT/USD traded in a range of $10.51 – $12.27, indicating strong volatility over the last 24 hours. Trading volume totals $1.1 billion, which is up by 57.3 percent. Meanwhile, the total market capitalization stands around $10.33 billion, ranking the cryptocurrency in 10th place overall.

DOT/USD 4-hour chart: DOT targets $7.5 next

On the 4-hour chart, we can see the Polkadot price currently looking to break the $10.5 support to open up the way towards the $7.5 support next.

Polkadot Price Analysis: DOT spikes to $10.5, break lower today?
DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action traded with a very strong bearish momentum over the past week. This move resulted from a failure to move higher at the beginning of July after DOT/USD saw a substantial drop at the end of June.

After a slight rally above the $17 resistance, DOT/USD declined and broke past the $15 support. What followed was a rapid decline to the $13 mark first, and after a breakout and retest of the resistance, a further drop yesterday.

This Polkadot price action development has led Polkadot price towards a sharp decline to the $10.5 mark overnight. Over the last hours, we saw DOT/USD taking a pause above the support. However, currently, the market attempts to push DOT/USD below $10.5, which should lead towards a lot more downside later today towards the $7.5 mark next.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis indicates bearish momentum to follow over the next 24 hours as the market has seen a substantial decline overnight and currently tests the $10.5 previous major support. Therefore, we expect DOT/USD to drop even further and target the $7.5 support next. 

While waiting for Polkadot to decline further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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