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Polkadot Price Analysis: DOT retests $24.5 support, prepares for a reversal?

Cryptopolitan


TL;DR Breakdown

  • Polkadot price analysis is bullish for today.
  • DOT/USD continues respecting $24.5 support.
  • DOT is set to move higher today.

Polkadot price analysis is bullish for today as the $24.5 support has been retested for the third time, and any further downside was not seen. Therefore, we expect DOT/USD to reverse later today and move back above the $27 resistance.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a slight loss over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost around 1 percent, while Tezos (XTZ) is among the best performers, with a gain of 13 percent.

Polkadot price movement in the last 24 hours: Polkadot still holds $24.5 support

DOT/USD traded in a range of $24.35 – $26.53, indicating strong volatility over the last 24 hours. Trading volume has declined by 26.99 percent and totals $1.7 billion. The total market capitalization trades around $24.44 billion, ranking the coin in 9th place overall.

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

On the 4-hour chart, we can see the Polkadot price action preparing for another push higher later today.

Polkadot Price Analysis: DOT retests $24.5 support, prepares for a reversal?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has traded with a strong bullish momentum over the past month. From the last swing low of $10.5, DOT/USD has gained more than 180 percent to the $29 mark.

However, bulls failed to reach higher and, after a several-day consolidation, DOT reversed. After a drop of 15 percent, support was found above the $24.5 mark

The $24,5 support has since been tested three times, with the last one seen over the past hours. As long as the support holds, we can expect the Polkadot price to reverse later today and start heading towards previous highs.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish for today as the market keeps consolidating above the $24.5 support and prepares for further upside. Therefore, we expect DOT/USD to rally higher over the next 24 hours and return above the $27 resistance.

While waiting for Polkadot to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.



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