- DOT spiked below $15 support overnight.
- Bears have taken over momentum.
- Next target at $13.5.
Polkadot price analysis indicates bearish momentum to continue over the next 24 hours as a strong spike lower was seen overnight. Therefore, we expect DOT/USD to move towards the $13.5 next.
The overall market trades with a slight bearish momentum over the last 24 hours. Bitcoin has declined by 1.18 percent, while Ethereum around 2.93 percent. EOS is among the worst performers with a loss of almost 6 percent.
Polkadot price movement in the last 24 hours: Polkadot spikes below $15 again
DOT/USD traded in a range of $14.16 – $15.09, indicating substantial volatility. Trading volume has seen a slight increase by 10.77 percent and totals $678 billion. Meanwhile, the total market capitalization trades around 14.12 billion, ranking the cryptocurrency in 9th place.
DOT/USD 4-hour chart: DOT targets $13.5 next
On the 4-hour chart, we can see the Polkadot price halfway between $13.5 support and $15 resistance after a spike lower overnight.
The Polkadot price action trades mostly sideways over the last weeks after a clear several-week low was established around $13.5 at the end of June. From there, DOT/USD rallied higher to $17 and moved sideways over the past weeks.
After a strong spike higher on the 7th of July, the market bounced back to the $13.5 support, indicating that bulls are still not ready for a substantial move higher. This failure to move higher resulted in a strong push below the $15 support overnight.
What followed was a further move lower over the last hours. DOT/USD reached closer towards the $13-13.5 support area, with a slight pause as of now. However, we expect further downside later today and another test of the $13.5 support overnight.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish for the next 24 hours as the previous support of around $15 was broken, and bears moved the market lower earlier today. Therefore, we can expect the next target at $13.5 to be reached over the next 24 hours.
While waiting for Polkadot price to drop further, read our guide on DeFi advantages, Bitcoin fees. To learn more about another great altcoin, read our REN Price Prediction 2021-2025.
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