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Polkadot price prediction: Polkadot spikes towards $32, ready for another upswing?

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  • DOT found support above $32 yesterday.
  • DOT/USD currently trades below $38 resistance.
  • Next resistance around $42.

Today’s Polkadot price prediction is bullish as the market lost more than 20 percent yesterday and reached $32 support. Since then, bulls have regained control and the market looks to move back above $38.

Polkadot price prediction: Polkadot spikes towards $32, ready for another upswing? 1
Cryptocurrency heat map. Source: Coin360

The overall market is in the red today. Bitcoin trades with a loss of 2.95%, while Ethereum has a 3.45% decrease. The rest of the altcoin market follows this trend with Litecoin, Chainlink, and Uniswap being among the worst performers.

DOT/USD opened at $36.46 after strong bearish pressure lower yesterday resulted in a spike towards $32 support. Right now, Polkadot price has started to move higher as bulls enter the market with a reduced price. Therefore, we expect DOT to continue moving higher over the next 24 hours.

Polkadot price movement in the last 24 hours

DOT/USD price moved in a range of $32.66 – $39.33, indicating severe volatility. 24 hour trading volume has spiked by 49 percent and totals $3.3 billion. Meanwhile, the total market cap trades around $35.5 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – DOT

On the 4-hour chart, we can see Polkadot price action moving higher over the past hours, indicating that bulls have regained control.

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Polkadot price prediction: Polkadot spikes towards $32, ready for another upswing?
DOT/USD 4-hour chart. Source: TradingView

Polkadot continues trading higher over the past weeks after the market retraced more than 40 percent from the previous all-time high at $48. DOT/USD found support at the $28 price level, from which a rapid reversal followed with the market price quickly reaching $34.5.

At the beginning of May, Polkadot pushed higher again, resulting in a clear higher high set at $38. From the $38 high, DOT/USD retraced to retest the $34.5 resistance as support, indicating a strong bullish momentum forming.

In the middle of last week, Polkadot price experienced another rally – this time with a brief spike to the $44 mark, resulting in a more than 25 percent rally at the peak. Later, DOT/USD retraced and found support at the $38 mark.

Another attempt to move higher was made on the 9th of May, with the $42 resistance stopping further upside again. What followed was a strong move lower yesterday until the $32 support saw bulls pick up any further selling pressure.

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Today, Polkadot price moved considerably higher and has reached the next resistance at $38. Once it is broken, we should see DOT quickly push higher to retest the $42 resistance again.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as a further downside was rejected after a quick spike towards $32 support. Currently, DOT/USD has started to push higher once again, with the $38 resistance likely to be broken later today. This should lead DOT towards the resistance at $42 later this week.

While waiting for further Polkadot price action development, read our guide on another great altcoin – Monero. Additionally, see our guides on investing in cryptocurrencies and the best wallets.

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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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