TL;DR Breakdown
- Polkadot price analysis is bearish for next week.
- DOT/USD retraced to $32 overnight.
- DOT has lost its momentum this week.
The Polkadot price analysis is bearish for today, as the market retraced over the last 24 hours after establishing a somewhat higher high yesterday. As a result, we anticipate DOT/USD to continue decreasing and retrace more of its recent gains.
Polkadot price movement in the last 24 hours: Polkadot attempting to break out of $34 into $36
In the last 24 hours, Polkadot (DOT) has fluctuated in the range of $33.6 and $34.91, indicating low volatility over that period. Volumes have decreased by 22.93 percent to $1.37 billion while the overall market capitalization is around $32.2 billion, putting it at position 9th place overall
DOT/USD 4-hour chart: DOT set for further retracement?
We may see a sideways movement in the Polkadot market over the next couple of days, as shown by the 4-hour chart.
The price of Polkadot has increased significantly this week. After establishing a higher low around $23.5 on the 26th of August, DOT/USD gained more momentum this week.
Until the $34 level was reached after a slowing in momentum and a somewhat higher high, indicating exhaustion, DOT had gained about 45 percent. This price movement has resulted in a little retracement over the last 24 hours, with the $32 mark serving as support for now.
However, considering that bulls are likely exhausted, we anticipate DOT/USD to begin recovering next week and reclaiming some of the gains made this week. The next support level is $30, with additional support at the $29 previous swing high.
Polkadot Price Analysis: Conclusion
The downward price trend for Polkadot indicates a retracement is coming, according to the Polkadot price analysis. As a result, we anticipate DOT/USD to fall further over the next 24 hours, with $30 as support.
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