in

Polkadot price analysis: Polkadot still hold $20, break lower today?

Cryptopolitan


TL;DR Breakdown

  • DOT consolidated yesterday.
  • Support at $20 still holds.
  • Next support is located at the $15 mark.

Polkadot price analysis is bearish for today as DOT/USD continues to test the $20 support after a failure to move higher. Therefore, we can assume that DOT/USD is ready to move lower later today with the next support located at the $15 mark.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours as the market leader, Bitcoin has lost 0.5 percent. Meanwhile, Ripple (XRP) is among the worst performers with a loss of 5 percent. Polkadot (DOT) has not seen much better performance, with a loss of 3.5 percent.

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $20.05 – $21.39, indicating mild volatility. Trading volume has decreased by 37.65 percent and totals $832 billion. Meanwhile, the total market cap stands at around $19.5 billion, ranking cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – DOT still holds $20

On the 4-hour chart, we can see the Polkadot price action retracing to the $20 mark again as bears attempt to push the market lower again.

Polkadot price analysis: Polkadot still hold $20, break lower today?
DOT/USD 4-hour chart. Source: TradingView

The overall market price structure is still moving sideways as the $20 support still prevents DOT/USD from further downside. This comes after a strong spike lower in May, which set a clear major low around the $14-$16 mark. From there, DOT/USD made two waves higher to the $28 resistance.

These upswings were the first sign that the Polkadot price looks to finally reverse. However, bulls were not ready at the beginning of June. The market started to move sideways again and set several lower local highs in a slow retracement.

From there, another spike higher was set on the 14th of June. Over the following days, DOT retraced again and retested the $20 support. This means that the overall price action is neutral and a decision needs to be made where the market will move next.

If the $20 support finally breaks, we can expect further movement to the downside with minor support located around the $18 mark. Alternatively, if the $20 mark hold, DOT/USD will likely push higher again and try to reach the next resistance at $28 mark.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bearish as the market retraced to the $20 mark over the past hours and looks to break through it to set another lower low. Therefore, we can expect DOT/USD to move towards the next minor support of $18 over the next 24 hours and the major support around $14-$16 over the next week. 

While waiting for further Polkadot price action development, read our guide on what if DeFi, Bitcoin fees, and what can you buy with Bitcoin.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Bitcoin ETFs, what are they and why are they highly anticipated

Bitcoin ETFs, what are they and why are they highly anticipated

VirtuePoker Celebrating Launch onto BSC With 100 BNB Credit First 100 Depositing Players

VirtuePoker Celebrating Launch onto BSC With 100 BNB Credit First 100 Depositing Players