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Polkadot price prediction: Polkadot finds support at $20, prepares to move higher?

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  • DOT peaked at around $26 yesterday.
  • Polkadot supported around $20.
  • Next target to reach $32.

Today’s Polkadot price prediction is bullish as the market found support at the $20 mark and currently prepares to push higher. Therefore, we expect DOT/USD to move towards the next resistance at $32 over the next weeks.

Polkadot price prediction: Polkadot finds support at $20, prepares to move higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades relatively flat over the last 24 hours. Bitcoin has lost 2 percent, while Ethereum slightly more than 3 percent. The rest of the altcoin market follows this pattern, with the exception being Monero (XMR), which is up by 21.7 percent.

DOT/USD opened at $21.37 today after a bearish close yesterday took the market from the $26 resistance to $20 support. As of now, the Polkadot price action cannot move any lower, indicating that we should see another push higher over the next 24 hours.

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $20.13 – $23.20, indicating a good amount of volatility over the last 24 hours. Trading volume has decreased by 24.9 percent, totaling $2.95 billion. Meanwhile, the total market cap trades around $19.8 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – support found at $20

On the 4-hour chart, we can see the market reaching the $20 mark overnight and currently rejecting further downside.

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Polkadot price prediction: Polkadot finds support at $20, prepares to move higher?
DOT/USD 4-hour chart. Source: TradingView

The overall market still trades with a bearish price action structure. Since the previous major swing high at $49.8, DOT/USD retraced 70 percent, indicating that bears are exhausted and we might see a reversal next week.

After setting a slightly lower low earlier this week at the $14-$15 price area, DOT/USD retraced and set a lower high at $26. Yesterday, the Polkadot price moved lower again and found support at the $20 mark. Therefore, we might see DOT/USD build momentum to move higher tomorrow or even later today.

The first target is seen at the $32 mark, which if reached from the current market price would mean a potential gain of over 50 percent. Once the target is reached, DOT/USD market structure would turn heavily bullish again, leading to further upside over the next weeks.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as bears pushed the market from $26 resistance to $20 support yesterday. Since further downside was rejected, we expect DOT/USD to reverse over the next 24 hours and start moving to reach the next resistance at $32.

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While waiting for further Polkadot price action development, read our newest articles on how to buy Cardano and mine Zcash.

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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