Polkadot Price Analysis: DOT spikes below $15, slowly moves to $13.5 next?
2 min readTL;DR Breakdown
- DOT spiked below $15 support overnight.
- Bears have taken over momentum.
- Next target at $13.5.
Polkadot price analysis indicates bearish momentum to continue over the next 24 hours as a strong spike lower was seen overnight. Therefore, we expect DOT/USD to move towards the $13.5 next.
The overall market trades with a slight bearish momentum over the last 24 hours. BTC has declined by 1.18 percent, while ETH around 2.93 percent. EOS is among the worst performers with a loss of almost 6 percent.
Polkadot price movement in the last 24 hours: Polkadot spikes below $15 again
DOT/USD traded in a range of $14.16 – $15.09, indicating substantial volatility. Trading volume has seen a slight increase by 10.77 percent and totals $678 billion. Meanwhile, the total market capitalization trades around 14.12 billion, ranking the cryptocurrency in 9th place.
DOT/USD 4-hour chart: DOT targets $13.5 next
On the 4-hour chart, we can see the Polkadot price halfway between $13.5 support and $15 resistance after a spike lower overnight.
The Polkadot price action trades mostly sideways over the last weeks after a clear several-week low was established around $13.5 at the end of June. From there, DOT/USD rallied higher to $17 and moved sideways over the past weeks.
After a strong spike higher on the 7th of July, the market bounced back to the $13.5 support, indicating that bulls are still not ready for a substantial move higher. This failure to move higher resulted in a strong push below the $15 support overnight.
What followed was a further move lower over the last hours. DOT/USD reached closer towards the $13-13.5 support area, with a slight pause as of now. However, we expect further downside later today and another test of the $13.5 support overnight.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish for the next 24 hours as the previous support of around $15 was broken, and bears moved the market lower earlier today. Therefore, we can expect the next target at $13.5 to be reached over the next 24 hours.
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