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Polkadot price prediction: Polkadot spikes towards $32, ready for another upswing?

Cryptopolitan


TL;DR Breakdown

  • DOT found support above $32 yesterday.
  • DOT/USD currently trades below $38 resistance.
  • Next resistance around $42.

Today’s Polkadot price prediction is bullish as the market lost more than 20 percent yesterday and reached $32 support. Since then, bulls have regained control and the market looks to move back above $38.

Cryptocurrency heat map. Source: Coin360

The overall market is in the red today. Bitcoin trades with a loss of 2.95 percent, while Ethereum at 3.45. The rest of the altcoin market follows this trend with Litecoin, Chainlink, and Uniswap being among the worst performers.

DOT/USD opened at $36.46 after strong bearish pressure lower yesterday resulted in a spike towards $32 support. Right now, Polkadot price starts to move higher as bulls enter the market with a reduced price. Therefore, we expect DOT to continue moving higher over the next 24 hours.

Polkadot price movement in the last 24 hours

DOT/USD price moved in a range of $32.66 – $39.33, indicating severe volatility. 24 hour trading volume has spiked by 49 percent and totals $3.3 billion. Meanwhile, the total market cap trades around $35.5 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – DOT

On the 4-hour chart, we can see Polkadot price action moving higher over the past hours, indicating that bulls have regained control.

Polkadot price prediction: Polkadot spikes towards $32, ready for another upswing?
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DOT/USD 4-hour chart. Source: TradingView

Polkadot continues trading higher over the past weeks after the market retraced more than 40 percent from the previous all-time high at $48. DOT/USD found support at the $28 price level, from which a rapid reversal followed with the market price quickly reaching $34.5.

At the beginning of May, Polkadot pushed higher again, resulting in a clear higher high set at $38. From the $38 high, DOT/USD retraced to retest the $34.5 resistance as support, indicating a strong bullish momentum forming. 

In the middle of last week, Polkadot price experienced another rally – this time with a brief spike to the $44 mark, resulting in a more than 25 percent rally at the peak. Later, DOT/USD retraced and found support at the $38 mark. 

Another attempt to move higher was made on the 9th of May, with the $42 resistance stopping further upside again. What followed was a strong move lower yesterday until the $32 support saw bulls pick up any further selling pressure. 

Today, Polkadot price moved considerably higher and has reached the next resistance at $38. Once it is broken, we should see DOT quickly push higher to retest the $42 resistance again. 

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as a further downside was rejected after a quick spike towards $32 support. Currently, DOT/USD has started to push higher once again, with the $38 resistance likely to be broken later today. This should lead DOT towards the resistance at $42 later this week.

While waiting for further Polkadot price action development, read our guide on another great altcoin – Monero. Additionally, see our guides on investing in cryptocurrencies and the best wallets.

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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