After a spectacular rally, the Polkadot token has stabilized above the $0.15 mark, and is currently trading at $0.19. The recovery has been so rapid that the market cap has reached $88 million, and the market capitalization has risen by $6 million in just two days. This is a remarkable achievement, and is largely based on the fact that there are still Hedera hashgraph IoT token holders who want to cash out their tokens.
The currently circulating price for Polkadot has been continuously rising for the last two weeks, and I believe that this is just the beginning. I noticed something interesting, though, which is that the entire market cap of DOT has been moving in relatively one direction. The price of DOT has been rising at a rate of about 100 satoshi per minute since the end of November, whereas the market cap has been inching higher and higher by about the same amount.
Dash has continued its swift and steady rally in recent weeks, with the price now well above $1000 for the first time since Q4 2017. The increases in price are most pronounced in India, where the coin is trading for up to $17 each.. Read more about polkadot coin price and let us know what you think.
TL;DR Summary
- Yesterday, DOT hit a new record low.
- Overnight, the DOT/USD pair began to rise again.
- The market is expected to hit $17 in the near future.
Polkadot price analysis is optimistic for today, as bulls pushed the market higher overnight, and there is still space to go till the $17 barrier is reached. As a result, we anticipate DOT/USD to push towards the $17 resistance level next, before retreating tomorrow.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been in the green. Bitcoin has increased by 6.7 percent, while Ethereum has increased by 4.76 percent. The rest of the major cryptocurrencies have experienced a 4-6 percent increase as well.
Polkadot’s price trend during the past 24 hours: Polkadot rallied overnight.
As bulls drove the market higher overnight, the DOT/USD moved in a range of $14.51 – $16.60, suggesting significant volatility. The cryptocurrency’s trading volume has risen by 29.4% to $1.29 billion, with a total market value of approximately $16 billion, putting it in ninth position worldwide.
DOT/USD 4-hour chart: Is the DOT about to challenge the $17 mark?
Polkadot price is continuing to rise towards the $17 level on the 4-hour chart, suggesting more upside to come later today.
4-hour DOT/USD chart. TradingView is the source of this information.
Polkadot prices continued to rise overnight, after a more than week-long recovery from the $10.5 swing low recorded on July 20th. DOT/USD is now up more than 55% as bulls aim to retest the last key resistance level of $17.
This price movement suggests that we may anticipate further gains before the end of today. However, as DOT reaches $17, we anticipate a reversal in the next week.
The first level of support is at the $15 mark, with much more significant support around the $13-$13.5 mark. If DOT/USD finds support around $15, we predict another effort to go higher over the following week, with bulls looking to establish a higher swing high over $17.5 and reverse the slightly bearish market action structure seen in recent months.
Conclusion on the Polkadot Price Analysis
Bullish momentum is expected to continue over the next 24 hours, according to Polkadot price research, as bulls continued to reach fresh multi-week highs overnight and early today. As a result, we anticipate DOT/USD to hit $17 next, after which it will most likely begin to reverse some of its gains.
While you’re waiting for Polkadot to rise, check out our information on Bitcoin costs, DeFi benefits, and Satoshi Nakamoto.
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.
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