Polkadot Price Analysis: DOT fails to breach $21.5, set for a slow retracement?

After a steady week of ups, the cryptocurrency market has witnessed yet another week of consolidation, with the coin market cap falling to the $22 billion range. Most coins appeared to be retreating to the lows reached last week, with Ethereum, Ripple and Cardano performing the best. The only bright spot was Ethereum, whose price surged to a three-week high ($230), which indicates an evolving bullish sentiment. The cryptocurrency market has entered a consolidation phase, with the market cap testing the $21.5 billion mark as the market awaits the upcoming SegWit2x hardfork. Ethereum Classic appears to be the only altcoin that has managed to maintain a significant price gain, perhaps owing to its expansion into the Asian market.

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We’ve had a rough week for DOT and Polks alike. We saw the price of DOT fall from $24.17 yesterday to $22.95 today, trading as low as $22.81 for a while. On the Polks front, the cryptocurrency had a pretty rough week as well, falling from $21.12 yesterday to $20.05 today, and also trading as low as $19.95 for a while. It’s looking like a retracement is in order as the month ends.

We have seen a few attempts to hit the $21.5 price mark over the past two weeks, but one of them has actually managed to get there. That means there possibly is a breakout forming in the short term. However, the $21.5 level seems to be a bit too strong for this market to handle. We should see at least a slight retracement heading into this weekend. A sustained break above $22.5 could potentially lead to a retest of the $25.0 level. A move back below $23.5 would indicate a possible floor.. Read more about polkadot coin analysis and let us know what you think.

TL;DR Summary

  • Yesterday, DOT gained ground.
  • Once again, resistance was discovered at $21.5.
  • Today, the DOT/USD pair is expected to reverse once again.

The Polkadot price analysis for the next 24 hours is negative, as additional gain was not achieved today following another testing of the $21.5 barrier. As a result, we anticipate DOT/USD to invert this week and challenge the $19 support once again.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the bitcoin market has gained a little amount of ground. Bitcoin, the market leader, has dropped 0.86 percent, while Ethereum and the rest of the major altcoins have risen somewhat. With a gain of 6.4 percent, Cardano (ADA) is one among the top performers.

Polkadot price action during the past 24 hours: Polkadot retests $21.5 barrier.

Over the past 24 hours, DOT/USD has traded in a range of $20.14 to $21.39, showing moderate volatility. The amount of trading has risen by 9.58 percent to $1.48 billion. Meanwhile, the overall market capitalization is approximately $20.28 billion, giving it an eighth-place ranking.

DOT/USD 4-hour chart: Is the DOT about to retrace?

On the 4-hour chart, the Polkadot price has rejected additional higher in recent hours, indicating an impending reversal back to prior support around the $19 level.

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

Over the last several weeks, Polkadot’s price movement has been dominated by bullish momentum. DOT/USD began to recover after a lower bottom was made at the $10.5 level, gaining more than 100% until resistance was reached around the $21.5 mark.

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Over the weekend, DOT was unable to achieve new highs and began to retrace down towards the prior resistance level of $19. DOT/USD rose again Wednesday after a brief challenge of the $19 level.

Bulls, on the other hand, were unable to break through the $21.5 barrier, and the market refused any additional gains. This Polkadot price movement is expected to lead to another dip lower later today, back to the $19 key support level. If the $19 level fails to halt additional declines, we may see a lot more loss later this week.

Conclusion on the Polkadot Price Analysis 

The Polkadot price analysis is bearish for the next 24 hours, as additional upside was denied in the last few hours after a short rise to the prior resistance level of $21,5. As a result, we anticipate DOT/USD to retrace downward and hit prior support around $19. 

Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.

Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

The market is still very much in a bullish mood as we speak, which is evident by the current price action of the market. $DAA is currently trading at $21.51, which represents a significant increase of 0.39% day over day and a 0.16% increase over last 24 hours. The market is still in the process of finding support, which is evident by the fact that $DAA has not yet breached the $21.5 price level. The outlook remains bullish as long as the bulls can continue to support the market above the $21.5 price level. We are expecting a triangle consolidation to occur in the near future, which is reflected by the current price action of the market.. Read more about polkadot breakout and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • polkadot coin analysis
  • polkadot technical analysis
  • polkadot price prediction
  • polkadot analysis
  • polkadot breakout

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