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Polkadot Price Analysis: DOT swiftly continues to rally, targets $17 next?

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Polkadot price analysis is bullish for today as bulls continued to push the market overnight, and there is still room until the $17 resistance. Therefore, we expect DOT/USD to push towards the $17 resistance next and likely start retracing tomorrow from there.

Polkadot Price Analysis: DOT swiftly continues to rally, targets $17 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 6.7 percent, while Ethereum by 4.76 percent. The rest of the top altcoins have seen a similar gain of around 4-6 percent.

Polkadot price movement in the last 24 hours: Polkadot continued to rally overnight

DOT/USD traded in a range of $14.51 – $16.60, indicating strong volatility as bulls pushed the market higher overnight. Trading volume has increased by 29.4 percent and totals $1.29 billion, while the total market capitalization trades around $16 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart: DOT ready to test $17 mark next?

On the 4-hour chart, we can see Polkadot price continuing to advance towards the $17 mark, indicating further upside to follow later today.

Polkadot Price Analysis: DOT swiftly continues to rally, targets $17 next?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price continued to rally overnight after a more than week upside from the $10.5 swing low set on the $20th of July. Currently, DOT/USD has gained more than 55 percent as bulls look to retest the $17 previous major resistance level.

This price action development indicates that we can expect further upside latest today. However, once DOT reached the $17 mark, we expect a reversal over the next week.

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First support is located around the $15 mark, while much more substantial support is seen around the $13-$13.5 area. In case DOT/USD finds support around the $15 mark, we expect another attempt to move higher over the next week as bulls likely want to set a higher swing high above the $17.5 mark and reverse the slightly bearish price action structure seen over the last months.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis indicates bullish momentum to follow over the next 24 hours as bulls continued setting new several-week highs overnight and earlier today. Therefore, we expect DOT/USD to reach the $17 mark next and likely start to retrace some of the gains from there.

While waiting for Polkadot to move higher, read our guides on Bitcoin fees, DeFi advantages, as well as Satoshi Nakamoto.

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