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Polkadot Price Analysis: DOT slowly retraces to $26, reversal to follow?


TL;DR Breakdown

  • Polkadot price analysis is bullish today.
  • DOT/USD saw further decline overnight.
  • Support at $26 retested.

Polkadot price analysis is bullish today as another retest of the $26 was seen earlier today after a strong decline over the last 24 hours. Therefore, we expect DOT/USD to reverse and regain some of the loss later today.

Polkadot Price Analysis: DOT slowly retraces to $26, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 1.51 percent, while Ethereum has gained 0.79 percent. The rest of the top altcoins have seen similar small gains.

Polkadot price movement in the last 24 hours: Polkadot moves to retest $26 again

DOT/USD traded in a range of $26.13 – $28.02, indicating mild volatility over the last 24 hours. Trading volume has declined by 22.48 percent and totals $1.2 billion, while the total market cap trades around $27.46 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT set to regain the overnight loss?

On the 4-hour chart, we can see bulls starting to push the Polkadot price higher again, indicating further upside will follow today.

Polkadot Price Analysis: DOT retraces to $26, reversal to follow?
DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action has continued to trade in a strong bearish momentum so far this week. After a strong rally higher to $33.5 last week, we saw DOT/USD set another lower swing high.

What followed was a sharp spike lower on the 24th of September, with further bearish momentum seen over the following days. This Polkadot price action development resulted in a move to $27, where a low was set at $27.

By the end of last week, DOT had regained some of the loss and set resistance around $30. From there, another several-day retracement followed, leading Polkadot to the current retest of the $26 previous major swing low.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as a significant support level of $26 was reached overnight, and a slight reaction from it started earlier today. Therefore, we expect DOT/USD to continue higher over the next 24 hours and regain some of the loss seen earlier this week.

While waiting for Polkadot to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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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