- DOT retests $34.5 support overnight.
- Resistance at $42 still holds.
- Middle of the range support/resistance at $38.
Today’s Polkadot price prediction is neutral as the market continues moving sideways after setting both a slightly higher low and lower high. Therefore, DOT/USD should move around the $38 middle of the range level over the next few days.
The overall market trades with huge loss over the last 24 hours. Bitcoin has lost 12 percent and has returned around the $50,000 mark. Meanwhile, Ethereum has lost 11 percent with a sharp rejection for further downside set overnight. Amongst the major altcoins, Dogecoin is among the worst performers as it has lost slightly more than 20 percent.
DOT/USD opened at $40.31 after a strong bullish momentum yesterday resulted in another $42 major resistance area retest. Currently, DOT/USD moves lower again to test the $35 support, from which the market will likely continue moving sideways later this week.
Polkadot price movement in the last 24 hours
DOT/USD price moved in a range of $33.15 – $42.41, indicating huge volatility over the last 24 hours. Trading volume has spiked by 150 percent and stands at $5.8 billion. Meanwhile, the total market cap trades around $35.5 billion, ranking the cryptocurrency in 8th place overall.
DOT/USD 4-hour chart – DOT trades with huge volatility
On the 4-hour chart, we can see a sharp spike towards the $42 resistance and an equally strong retracement over the last hours.
As mentioned in our previous Polkadot price prediction, the market did move higher after a spike to the $32 mark on Tuesday. From there, the $42 resistance was retested again with a strong rejection.
Overall, Polkadot still struggles to regain its bullish momentum, as seen during January and February. After establishing a new all-time high above the $46 mark at the beginning of April, DOT/USD retested it with a sharp spike to the $48 mark.
From there a several-day retracement resulted in a strong move lower to the $28 support, where the market previously reversed in a major way at the end of March. During the last days of April, the Polkadot price action turned bullish and established a lower medium-term swing low around $42-$44, indicating that the market momentum is still weak.
Over the past days, DOT spiked towards the $32 mark and made a lower local low. From there, another retest of the previous high around $42 was set, indicating a trading range formed. This has resulted in a very volatile price action over the last 24 hours, with both the $35 support and $42 resistance tested over a couple of hours as the market is in indecision where to head next.
Therefore, a clear breakout from the consolidation area is needed before we can start to predict where Polkadot price is headed next. If DOT breaks above the $42 resistance, we expect to move higher to the $46 next major support. Alternatively, if DOT/USD breaks below the $32-$35 support area, we will see a move to the $28 several weeks low, which would be a very bearish signal for the overall market development over the next months.
Polkadot Price Prediction: Conclusion
Polkadot price prediction is neutral as the market continues moving around the $35-$42 consolidation range for the past days and has set both a higher low and a lower high. Currently, DOT/USD retraces after rejecting upside around $42 resistance and prepares to retest the $35 support once again.
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