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Polkadot Price Analysis: DOT spikes to $13.6, slowly prepares to reverse?

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TL;DR Breakdown

  • DOT moved to set another higher local high overnight.
  • $13.6 mark prevents further upside.
  • DOT/USD is likely to reverse later today.

Polkadot price analysis indicates bearish momentum to come over the next 24 hours as another attempt to move higher was seen overnight. Since DOT/USD could only slightly set further highs, we can assume that bulls are exhausted, and the market will pivot back to the downside later today.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 4.4 percent, while Ethereum 4.2 percent. Polkadot (DOT) is among the best performers, with a gain of almost 6 percent.

Polkadot price movement in the last 24 hours: Polkadot makes the final push higher?

DOT/USD traded in a range of $12.36 – $13.75, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 10 percent and totals $907 billion. Meanwhile, the total market capitalization trades around $13.24 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart: DOT ready to move lower?

On the 4-hour chart, we can see Polkadot price action rejecting further upside in preparation for another wave to the downside.

Polkadot Price Analysis: DOT spikes to $13.6, prepares to reverse?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has traded with a strong bearish momentum over the past weeks after a spike above the $17 mark was seen on the 7th of July. From there, DOT/USD moved back to $15 support and consolidated for several days before continuing lower.

However, support was finally found around the $10.5 mark on the 20th of July. DOT/USD rallied by more than 30 percent over the past days to retest the $13.6 previous minor support as a resistance. 

From the $13.6, we can expect DOT/USD to reverse back to the downside as bulls are exhausted. Therefore, the next target for Polakdot is seen around the $10.5 mark, which, when broken, would send the market towards a lot more downside over the next weeks.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis indicates bearish momentum to follow over the next 24 hours as bulls could not push DOT/USD any higher. Therefore, we expect DOT to start declining later today and try to reach the $10.5 support once again. 

While waiting for Polkadot price to decline, read our guides on Bitcoin fees, what can you buy with Bitcoin, as well as DeFi advantages.

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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