- Polkadot price analysis is bullish for today.
- DOT/USD retests the $23 mark as support.
- DOT rejected further downside overnight.
Polkadot price analysis is bullish for today as a new higher low was established overnight after a retracement yesterday. Therefore, we assume DOT/USD will head higher later this week and look to set further several-month highs.
The cryptocurrency market trades in the red over the last 24 hours. Bitcoin has lost 3.2 percent, while Ethereum by around 6 percent. Polkadot (DOT) is among the worst performers, with a loss of 9 percent.
Polkadot price movement in the last 24 hours: Polkadot retests the $23 mark as support
DOT/USD traded in a range of $22.73 – $26.72, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 23.66 percent and totals $2.8 billion, while the total market capitalization trades around $23.6 billion, resulting in a market rank of 9th place.
DOT/USD 4-hour chart: DOT prepares for another rally
On the 4-hour chart, we can see the Polkadot price action rejecting further downside overnight as bulls prepare for another strong push higher later this week.
Polkadot price action has seen an increase of over 150 percent over the past month after a swing low was set around $10.5 on the 20th of July. Several higher highs and lows were set over the past weeks, creating a stable bullish trend, with the area between 100 and 200 hour moving averages acting as a support.
Yesterday, DOT/USD spiked above the $26 previous major resistance level, indicating that bulls are ready to move higher. However, any further upside was rejected, and the market started to retrace.
More than 15 percent have been retraced since with support finally found around the $23 previous minor resistance. Since we saw Polkadot price quickly bounce back above the $23 mark, we can assume that a new higher low is set. Overall, this price action development should lead Polkadot towards another rally later this week, with the $30 mark as the next major target.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish today as a strong retracement was seen over the last 24 hours until support was found around the $23 mark. Since rejection for further downside was seen around the $23 support, we can expect DOT/USD to reverse today and start heading towards the next major price target at the $30 resistance later this week.
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