Polkadot price analysis: Polkadot spikes above $24, ready to break $28 high?
2 min readTL;DR Breakdown
- DOT moved higher overnight.
- $24 resistance broken earlier today.
- Next target at $28 previous high.
Polkadot price analysis is bullish as bulls pushed the market away from the $20 support over the past 24 hours and the $24 resistance was broken earlier today without much resistance. Therefore, we can expect DOT/USD to reach the next target at $28 later this week.
The overall market trades in the green over the last 24 hours. BTC is up by 7 percent, while ETH by 5.5 percent. Rest of the market trades with similar gains, indicating strong bullish pressure.
Polkadot price movement in the last 24 hours
DOT/USD traded with $2.375 billion in trading volume, which is up 134 percent over the last 24 hours. The total market cap stands at $23.8 billion, ranking the market in 8th place overall.
DOT/USD 4-hour chart – DOT spikes above $24
On the 4-hour chart, we can see the Polkadot price action pushing higher over the last hours, indicating that bulls have regained control.
The overall market trades in a slightly bullish price action structure over the past weeks after a new several month low was set around the $15 mark at the end of May. Since the Polkadot price retraced by over 70 percent, we can expect that bears are exhausted and DOT/USD should see recovery over the next weeks.
Early last week, we saw DOT set a higher high at $28. From there, the market slowly retraced to the $20 support. After retesting the support over the weekend, DOT/USD reversed to the upside and started pushing the market price higher overnight.
This has led the Polkadot price towards setting a higher high above $24. Therefore, the price action has turned bullish again. If bulls continue moving the market higher with the same momentum, the $28 resistance should be reached over the next 24 hours.
Alternatively, DOT will reverse and retrace to prepare for another push higher after a slightly higher low.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for today as the market rapidly moved higher overnight and set a higher high above the $24 mark over the last hours. Therefore, we expect DOT/USD to reach towards the next resistance at $28 mark over the upcoming days as the market looks to continue recovering.
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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.
