Polkadot Price Analysis: DOT establishes a higher low, set to break the $30 mark next?2 min read
- Polkadot price analysis is bullish for today.
- DOT/USD set another higher low yesterday.
- Bulls started to push DOT higher overnight.
Polkadot price analysis is bullish for today as the market has set another higher low after a retracement from the $29 high. Therefore, we expect DOT/USD to continue gaining ground and target the $30 mark next.
The cryptocurrency market traded bullish during the last 24 hours. BTC is up by 2.58 percent, while ETH is up by 3.11 percent. Binance Coin (BNB) is currently the top performer, with a gain of 9 percent.
Polkadot price movement in the last 24 hours: Polkadot sets another higher low around $27
DOT/USD traded in a range of $26.61 – $28.64, indicating mild volatility over the last 24 hours. Trading volume has increased by 4.89 percent and totals $1.92 billion. Meanwhile, the total market capitalization trades around $27.67 billion, ranking the cryptocurrency in 8th place overall.
DOT/USD 4-hour chart: DOT set to breach $30 next?
On the 4-hour chart, the Polkadot price action starts to rally again as bulls target the $30 mark next.
Polkadot price action has increased by more than 170 percent from the last swing low of $10.5, set on the 20th of July. Last week, DOT/USD rallied past the previous significant swing high at $28.5, indicating a change in market structure.
However, bulls peaked around the $29 mark over the weekend, and, after some consolidation, the market reversed back to the downside. Support was found around the $26.5 mark yesterday, with reversal overnight.
Currently, DOT/USD has returned close to the previous local high, indicating that we will likely see further upside over the next 24 hours. Once the local high breaks, we expect Polakdot price to breach the next major resistance around $30.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for the next 24 hours as another higher low was established overnight, and bulls started to push the market price higher overnight. Therefore, we expect DOT/USD to continue reaching further highs later today and try to break above the $30 mark next.
While waiting for Polkadot to move further, read our articles on BTC Futures, Decentralized Exchanges, as well as NFT Marketplace.
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