Polkadot price prediction: Polkadot retraces to $38, set to move higher today

0
6248
  • DOT support by $38 level.
  • Next minor resistance at $41.5.
  • Next major resistance at $46 all-time high.

Today’s Polkadot price prediction bullish as the market price spiked lower overnight to $38 and currently starts to build momentum to move higher. First resistance is seen at $41.5, after which the all-time high at $46 is likely to be tested later this week.

Polkadot price prediction: Polkadot retraces to $38, set to move higher today

DOT/USD opened at $39.55 after a quick spike lower late yesterday. Support was found around $38 previous resistance, meaning that we should see the Polkadot price action turn bullish and move higher.

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $38.05 – $41.91, indicating a good amount of volatility. 24-hour trading volume has increased by 29.2 percent and totals $3.8 billion. Meanwhile, the total market cap stands at $38.3 billion, ranking the cryptocurrency in 7th place overall.

DOT/USD 4-hour chart – DOT spikes to $38 overnight

On the 4-hour chart, we can see further downside rejected over the past hours as the Polkadot price has moved back above $40.

Polkadot price prediction: Polkadot retraces to $38, set to move higher today
DOT/USD 4-hour chart. Source: TradingView

Overall, Polkadot has seen strong bullish momentum over the past weeks. After finding strong support at the $28 mark, the market starting trading higher over the following days until the major resistance at $40 was broken on the 2nd of April.

From there, the Polkadot price action spiked higher, and a new all-time high was set at $46.85. Over the following days, Polkadot moved sideways around the $43.5 level, with retests of both the $46 resistance and $41.5 support.

On the 7th of April, the price momentum finally pushed lower, and a quick spike to the $38 mark was seen, with the $40 support providing no support. Right now, DOT/USD has shown signs of rejection for further downside, and the market has moved towards the $41.5 previous support that now acts as a resistance. Therefore, if Polkadot price action can break above the $41.5 mark, we should see further upside later today as the bulls are eager to retest the all-time high of around $46.

Alternatively, if the $41.5 resistance holds the market from further upside, we should see further downside over the next few days, meaning that the all-time high will not be retested in the upcoming weeks as a much stronger bearish price momentum will take over.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as the market quickly spiked lower overnight and currently looks to push higher again. The first resistance is seen around $41.5, after which we expect a quick move higher towards the $46 all-time high.

While waiting for Polkadot to move higher, read our latest long-term price predictions on KIN, ADA, and BCH.

Source: cryptopolitan.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here