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Polkadot Price Analysis: DOT still consolidates above $27, ready to target $30 next?

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TL;DR Breakdown

  • Polkadot price analysis is bullish for today.
  • DOT/USD consolidates above $27 over the weekend.
  • DOT prepares targets the $30 mark next?

Polkadot price analysis is bullish today as the market continued to consolidate in an increasingly tighter range above the $27 mark over the last 24 hours. Therefore, we expect DOT/USD to rally to the $30 mark next.

Polkadot Price Analysis: DOT still consolidates above $27, ready to target $30 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a slight loss over the last 24 hours. BTC has lost 1.71 percent, while ETH 0.49 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 8.35 percent.

Polkadot price movement in the last 24 hours: Polkadot still holds above $27

DOT/USD traded in a range of $27.15 – $28.24, indicating mild volatility. Trading volume has decreased 24.76 percent as the market has calmed down and totals $1.45 billion. Meanwhile, the total market capitalization trades around $27.11 billion, ranking the coin in 8th place overall.

DOT/USD 4-hour chart: DOT ready to break the $30 mark next?

On the 4-hour chart, we can see the Polkadot price has established a consolidation, which will serve as a base from which to move to the $30 mark later this week.

Polkadot Price Analysis: DOT still consolidates above $27, ready to target $30 next?
DOT/USD 4-hour chart. Source: TradingView

The Polkadot price action continues to trade in a very strong bullish momentum. After setting a major swing low of around $10.5 on the 20th of July, DOT/USD started to rally and broke past the previous swing high resistances.

Overall, DOT has gained more than 175 percent in a little over a month, indicating very strong bullish momentum. However, after reaching the $29 mark, bulls were exhausted, and a slight retracement was needed.

Over the weekend, the Polkadot price retraced to the $27 mark, where a several-day consolidation area was formed. As long as the $27 mark holds, we expect DOT/USD to rally higher later this week and target the next significant resistance at $30.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as the market continues to consolidate above the $27 previous resistance turned support. Therefore, we expect DOT/USD to rally to the $30 next resistance next.

While waiting for Polkadot to move further, read our articles on BTC Futures, Decentralized Exchanges, as well as NFT Marketplace.

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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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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