Polkadot Price Analysis: DOT rebounds from $24 support, bulls look to retrace more?
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TL;DR Breakdown
- Polkadot price analysis is bullish today.
- DOT/USD retested the $24 support.
- A slow move higher was seen overnight.
Polkadot price analysis is bullish today as we expect more retracement to follow from the previous push lower after support was found at $24 again. Therefore, we expect DOT/USD to continue higher over the next 24 hours.
The market overall has seen mixed results over the last 24 hours. The market leader, Bitcoin, has gained 0.18 percent, while Ethereum has declined by 0.86 percent. Meanwhile, Polkadot (DOT) trades in the red, with a small loss of 0.65 percent.
Polkadot price movement in the last 24 hours: Polkadot retests $24, slowly moves higher
DOT/USD traded in a range of $24.89 – $25.86, indicating mild volatility over the last 24 hours. Trading volume has declined by 23 percent, totaling $842.6 billion, while the total market cap trades around $24.7 billion, ranking the coin in 11th place overall.
DOT/USD 4-hour chart: DOT looks to retrace further?
On the 4-hour chart, we can see the Polkadot price action slowly retracing from the previous downswing as bears prepare for the next push lower.
Polkadot price has slowly declined over the past weeks. After a reaction higher from the massive selloff seen on the 4th of December, DOT/USD peaked at $31.5. Since then, bearish momentum has returned, slowly moving the market lover.
The previous swing low, around $24, was retested first on the 15th of December. The following reaction higher set another lower high, indicating a bearish market structure. Another retest of the $24 support came on Friday, with another reversal forming since.
Likely the Polakdot price action is not yet ready to break any higher. DOT/USD currently should retrace even higher, setting another lower high. However, the overall market structure still remains bearish.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish today as we expect further retracement after the $24 support prevented more downside. Therefore, DOT/USD should keep retracing over the next 24 hours before more downside can be tested.
While waiting for Polkadot to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.
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