- DOT continued advancing on Friday.
- $21.5 mark tested yesterday.
- Polkadot is set for a reversal today.
Polkadot price analysis indicates bearish momentum to follow over the next 24 hours as a new higher high was established around $21.5, and bulls have become exhausted again. Therefore, we expect DOT/USD to retrace and retest the $29 previous resistance as support early next week.
The cryptocurrency market traded with mixed results over the last 24 hours after a rapid advance yesterday. Market leader, Bitcoin, is up by 2.11 percent, while Ethereum is up by 2.13 percent. Dogecoin (DOGE) is among the best performers, with a gain of 17 percent.
Polkadot price movement in the last 24 hours: Polkadot fails to move above $17.5
DOT/USD traded in a range of $20.09 – $21.17, indicating mild volatility over the last 24 hours. Trading volume has decreased by 14.27 percent and totals $1.62 billion, while the total market capitalization trades around $20.2 billion, ranking the cryptocurrency in 9th place overall.
DOT/USD 4-hour chart: DOT set for a retracement?
On the 4-hour chart, we can see the Polkadot price consolidating below the $21.5 mark as the market prepares to retrace some of the gain seen earlier this week.
Overall, the Polkadot price action has seen a strong increase over the past weeks. Since the last major swing low around $10.5, DOT/USD has gained more than 100 percent until the current local high of $21.5.
No clear signs of trend slowdown have been seen over the past days as higher highs and lows have continuously been set. However, after reaching the $21.5 mark, DOT/USD likely needs to retrace and set another local higher low.
Support target to look out for is located around the $19 mark as it previously served as a resistance. From there, Polkadot price action should attempt to reach further highs along with the several-week bullish momentum, with the next upside target located around the $24 mark.
Polkadot Price Analysis: Conclusion
Polkadot price analysis indicates bearish momentum to follow over the next 24 hours as DOT has moved sideways overnight after finding resistance around the $21.5 mark. Therefore, we expect DOT/USD to reverse later today and start retracing towards the $19 previous resistance.
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