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Polkadot Price Analysis: DOT retests previous swing high at $27.4, set for a swift breakout?

Cryptopolitan


TL;DR Breakdown

  • Polkadot price analysis is bullish for today.
  • DOT/USD rallied to previous high overnight.
  • DOT is set to reach the $30 mark in case of a breakout.

Polkadot price analysis is bullish for today as the market started to rally yesterday after consolidating above the $23 earlier this week. Since DOT/USD has approached the previous swing high earlier today, we will likely see a breakout later today, with the next upside target at the $30 mark.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours, with the market leaders, Bitcoin and Ethereum, up by 6.26 and 7.36 percent, respectively. Cardano (ADA) is still the best performer, with a gain of 20 percent.

Polkadot price movement in the last 24 hours: Polkadot rallied to the previous high

DOT/USD traded in a range of $23.48 – $27.07, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 17.24 percent and totals $2.3 billion, while the total market capitalization trades around $26.33 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT looks to break $27.4 swing high?

On the 4-hour chart, we can see the Polkadot price approaching the previous high as bulls want to set another higher high.

Polkadot Price Analysis: DOT retests previous swing high at $27.4, set for a breakout?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has traded with a strong bullish momentum over the past month. After setting a new swing low around the $10.5 mark, DOT/USD rallied by more than 150 percent to the $27.4 mark.

From the $27.4 mark, more than 15 percent retracement was seen earlier this week as bears wanted to retest the previous high as a support around the $23 mark. A higher low was set there, and the market began to consolidate for more than 24 hours.

This price action development resulted in a rally higher yesterday, with the $27.4 previous high currently tested. Therefore, bulls are likely to set new higher high later today and target the next major price milestone at the $30 mark over the remainder of this week.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish as a strong rally was seen yesterday, and the market price currently trades just below the $27.4 previous high. Therefore, we expect DOT/USD to break higher later today and target the $30 mark next.

While waiting for Polkadot to move further, read our articles on Bitcoin Futures, 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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