TL;DR Breakdown
- DOT consolidated yesterday.
- Higher low established around $15.
- Polkadot prepares to move to $19 next.
Polkadot price analysis is bullish for today as the market has set a higher low and bulls to prepare for another push higher later today. Therefore, we can expect DOT/USD to move towards the $19 resistance next and attempt to set a higher high.
The overall market trades in the green over the last 24 hours. The market leader, Bitcoin has increased by 2.57 percent, while Ethereum by 4.63 percent. Uniswap (UNI) is among the best performers with a gain of around 9 percent.
Polkadot price movement in the last 24 hours
DOT/USD traded in a range of $15.22 – $16.01, indicating mild volatility over the last 24 hours. Trading volume has slightly decreased to $711.5 billion, while the total market capitalization trades around $15.1 billion, ranking the cryptocurrency in 9th place overall.
DOT/USD 4-hour chart – DOT ready to spike higher?
On the 4-hour chart, we can see the Polkadot price establishing a higher low around the $15 mark as bulls prepare to push DOT/USD higher again.
Looking at the overall, several-week Polkadot price structure, we can see that the market is still bearish as a slightly lower low was set and retested last week. From there, DOT/USD established a resistance around the $17 mark and the market started to set higher lows from there.
Yesterday, DOT/USD made a base around the $15 mark, with a steady upside overnight along the several-day ascending support trendline. This price action development should lead DOT/USD towards further upside next week, with $19 as the next target.
Once the $19 mark is reached, we can expect a retest of $17 support and further upside later this month from there. Therefore, the best option right now is to wait for further Polkadot price action development in a form of a clear higher high.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish for the next 24 hours as a higher low was established yesterday and ascending support trendline was tested for the third time. This should lead DOT/USD towards a lot more upside next week, with the next target in sight around $19 previous support.
While waiting for Polkadot to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.
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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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2021-07-04/
