Polkadot Price Analysis: DOT swiftly advances to $21.5, set for a retracement today?

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As I’m sure you’ve heard, Polkadot was launched a few days ago. I was lucky enough to get in before the crowds arrived, and have been following the project since then. I’ve been pleasantly surprised at how quickly it progressed from an idea to a working product, and I’m really excited for its release on mainnet later this month. However, it’s not all roses. The price has been a little strange, and there’s been some flaws in the user experience. Now that it’s closer to deployment, the price seems to be going through a retracement, and I think that’s a good thing.

Today’s topic is about the (DAO)Dot Coin price analysis. The price of DOT has surged impressively in the last 24 hours, and it’s price is now on a higher channel breakout. As the chart shows, the price has consolidated in a nice uptrend, and the trend is now on a bullish breakout.

The daily price action has been rather mild over the past few days, with the main focus being the speed at which Polkadot has moved to $21.5. As we have repeatedly seen throughout the past month, the price is now firmly established as having significant support at the upper edge of the descending channel, and with the price action following the channel, a similar retracement should be expected.. Read more about polkadot price chart and let us know what you think.

TL;DR Summary

  • On Friday, the DOT made further progress.
  • Yesterday, the $21.5 milestone was put to the test.
  • Today is a reversal day for Polkadot.

Polkadot price analysis suggests that negative momentum will prevail over the next 24 hours, as a fresh higher high was set around $21.5 and bulls have once again grown tired. As a result, early next week, we anticipate DOT/USD to retrace and retest the $29 prior barrier as support.

Polkadot Price Analysis: DOT swiftly advances to $21.5, set for a retracement today? Heat map of cryptocurrencies. Coin360 is the source of this information.

Following a strong rise yesterday, the cryptocurrency market has traded with mixed outcomes over the past 24 hours. Bitcoin, the market leader, is up 2.11 percent, while Ethereum is up 2.13 percent. With a rise of 17 percent, Dogecoin (DOGE) is one among the top performers.

Polkadot’s price trend during the past 24 hours: Polkadot fails to break over $17.5.

Over the past 24 hours, DOT/USD has traded in a range of $20.09 to $21.17, showing moderate volatility. The entire market value of the cryptocurrency is approximately $20.2 billion, putting it in 9th position worldwide. Trading volume has dropped by 14.27 percent to $1.62 billion.

4-hour chart of DOT/USD: Is DOT due for a retracement?

The Polkadot price is stabilizing below $21.5 on the 4-hour chart, as the market prepares to reverse some of the gains witnessed earlier this week.

Polkadot Price Analysis: DOT swiftly advances to $21.5, set for a retracement today? 4-hour DOT/USD chart. TradingView is the source of this information.

Over the last several weeks, the Polkadot price has experienced a significant rise. DOT/USD has risen more than 100% from the previous significant swing low at $10.5, to the current local high of $21.5.

Over the last several days, there have been no obvious indications of a trend slowing, with higher highs and lows being established on a daily basis. DOT/USD, on the other hand, is expected to retrace and make another local higher bottom after hitting $21.5. 

The $19 level is a good support objective to keep an eye on, since it was previously a resistance level. Following that, Polkadot price action should try to extend its recent bullish momentum to new highs, with the next upward target being around the $24 level.

Conclusion on the Polkadot Price Analysis 

Polkadot price analysis suggests that negative momentum will continue over the next 24 hours, as DOT has drifted flat overnight after hitting resistance around $21.5. As a result, we anticipate DOT/USD to reverse later today and retrace towards the prior resistance level of $19. 

Read our articles about investing in PayPal Bitcoin, Bitcoin trusts, and Dogecoin as a smart investment while you wait for Polkadot to go forward.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Polkadot is one of the hottest cryptos in recent months, offering a unique and innovative way to scale blockchain technology. It delivers scalable, interoperable and private network, which is quickly becoming one of the most attractive features of the network.. Read more about ethereum price and let us know what you think.

This article broadly covered the following related topics:

  • bitcoin price
  • binance
  • ethereum price
  • cardano price
  • dogecoin price

About the author

Emilia James
By Emilia James

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