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Polkadot price analysis: DOT moves sideways above $15, prepares for another spike higher?

2 min read

TL;DR Breakdown

  • DOT tested $15 support overnight.
  • 100-period moving average acts as a resistance.
  • Bulls likely to regain control.

Polkadot price analysis is bullish for today as the market established support around the $15 mark and started moving sideways. Therefore, bulls are likely to regain momentum and start pushing above the $17 mark once again. 

Polkadot price analysis: DOT moves sideways above $15, prepares for another spike higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today. BTC is up by 0.4 percent, while ETH around 1.43 percent. The rest of the market follows the leaders with similar results.

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $15.08 – $15.56, indicating a moderate amount of volatility. Trading volume has decreased by 35.67 percent and totals $502.2 billion. The total market capitalization stands around $14.7 billion, ranking cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – DOT prepares to break $17?

On the 4-hour chart, we can see the Polkadot price continuing to establish support from which to push higher next week.

Polkadot price analysis: DOT moves sideways above $15, prepares for another spike higher?
DOT/USD 4-hour chart. Source: TradingView

The overall market trades sideways over the past weeks after a sharp retracement from the previous high of around $26. Support was found around $13.5 by the end of June, with further retest creating a slightly higher low. 

What followed was a sideways movement over the following weeks with the $15 mark as a support and the $17 mark as a resistance. Earlier this week, on the 7th of July, DOT/USD spiked higher and quickly breached the $17 mark and set a high thigh. This likely is the first indication that bulls are building momentum to move higher again.

Therefore, the Polkadot price will likely start to push higher early next week and attempt to set another higher high. Once that is done, we can expect DOT/USD to reach further upside over the rest of the month.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish for the upcoming hours as support around the $15 mark still holds. Overnight, DOT/USD continued to consolidate, indicating that bulls are establishing support from which to move higher later today. 

While waiting for Polkadot to move higher, read our guide on DeFi advantages, BTC fees, as well as what can you buy with BTC.

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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