Polkadot Price Analysis: DOT tests $30 resistance, a breakout to follow?

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  • Polkadot price analysis is bullish today.
  • DOT/USD saw a strong advance overnight.
  • Closest resistance at $30.

Polkadot price analysis is bullish today as bulls have regained control and pushed the market higher over the last 24 hours. Therefore, we expect the $30 resistance to break and further upside to be seen next.

Polkadot Price Analysis: DOT tests $30 resistance, a breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the past 24 hours. Market leaders, Bitcoin and Ethereum, are up by 4.03 and 4.32 percent. Meanwhile, VeChain (VET) is the top performer today, with a gain of almost 19 percent.

Polkadot price movement in the last 24 hours: Polkadot experiences a strong advance to the $30 resistance

DOT/USD traded in a range of $27.67 – $29.79, indicating a substantial amount of volatility over the last 24 hours. Trading volume has declined by 24.25 percent and totals $1.19 billion, while the total market capitalization trades around $29.26 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT looks to break $30

On the 4-hour chart, we can see the Polkadot price action approaching the $30 resistance, indicating a potential breakout to be seen later today.

Polkadot Price Analysis: DOT tests $30 resistance, a breakout to follow?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has seen bearish momentum over the second half of September. After DOT/USD peaked at around $38 on the 14th of September, a several-day decline followed the $26 support.

From the support, DOT saw a reaction to $33.5, where another lower swing high was set. Over the following days, bears took over the market momentum again, leading to a slow retracement back to $26.

On Wednesday, we saw the Polkadot price action reject further downside, resulting in a reversal back to the upside yesterday. Since then, DOT has continued gaining ground and has approached the closest resistance at $30.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as a substantial advance was seen over the last 24 hours after a retest of $26 support. As long as bulls keep up the momentum, we expect the $30 resistance to be broken later today.

While waiting for Polkadot to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

Source: cryptopolitan.com

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