Polkadot Price Analysis: DOT retraces to $17 support, ready to spike higher?
2 min readTL;DR Breakdown
- DOT retraced to the $17 mark yesterday.
- Polkadot consolidated overnight.
- DOT/USD ready for further highs
Polkadot price analysis is bullish for today as support was found around the $17 mark overnight after a strong retracement yesterday. Therefore, we expect DOT/USD to rally later today and reach further highs later this week.
The cryptocurrency market trades with a slight loss over the last 24 hours. BTC is down by 2.11 percent, while ETH by around 0.95 percent. Cardano (ADA) is among the best performers with a gain of 1.32 percent.
Polkadot price movement in the last 24 hours: Polkadot finds support above $17
DOT/USD traded in a range of $16.87 – $17.77, indicating mild volatility over the last 24 hours. Trading volume has decreased by 18.65 percent and totals $1.15 billion. Meanwhile, the total market capitalization trades around $17 billion, ranking the cryptocurrency in 9th place overall.
DOT/USD 4-hour chart: DOT prepares for another rally?
On the 4-hour chart, we can see the Polkadot price establishing a higher low overnight in preparation for another push higher later this week.
Polkadot price action traded with a strong bullish momentum over the past weeks after a lower swing low was set around the $10.5 mark. From the $10.5 mark, DOT/USD rallied by more than 85 percent and breached past the previous swing high at $17.5.
On Sunday, DOT/USD saw another spike higher, to the $20 mark. Around the $20 mark, any further upside was heavily rejected and DOT started to reverse lower from there. After a strong decline yesterday, support was found around the $17 mark overnight.
This Polkadot price action development has resulted in another higher low set, with a base from which to move higher still being set. Once DOT builds up enough momentum, we should see another push higher above the $20 mark, with the next resistance level around $24.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for the upcoming days as a new higher low was established overnight above the $17 mark. From the $17 support, we expect DOT/USD to move higher later this week and reach towards the next major resistance target around the $24 mark.
While waiting for Polkadot to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as BTC fees.
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