Polkadot price analysis: Polkadot retraces to retest $24 support, prepares to spike higher?

TL;DR Breakdown

• DOT set a higher high at $28 yesterday.
• DOT/USD retraced to $24 over the past hours.
• Next target at $32.

Polkadot price analysis is bullish for today as the market has retraced to the $24 support and prepares to push higher to the $32 mark. From the current price level of around $24.5, this would mean a potential gain of around 30 percent. 

The overall market trades in the red over the last 24 hours. Bitcoin has lost 5.28 percent, while Ethereum 6.44 percent. Rest of the altcoin market has seen similar performance with the exception being Filecoin, which is up by 17 percent.

DOT/USD opened at $27 after a rejection for further upside yesterday around the $28 mark. Over the past hours, the Polkadot Price action retraced to retest the $24 mark, from which, bulls are likely to push the market higher once again over the next 24 hours.

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $23.71 – $27.95 indicating a moderate amount of volatility. Trading volume has decreased by 8.47 percent and totals $2.9 billion. Meanwhile, the total market cap stands at $23.3 billion, ranking the cryptocurrency in 8th place overall.

DOT/USD 4-hour chart – DOT prepares to push higher?

On the 4-hour chart, we can see the Polkadot price retracing to retest the $24 mark before an attempt to move higher to the $32 mark.

The overall market continues to slowly edge higher after finally finding support at the $15 mark at the end of May and starting to push higher. The $24 price mark initially served as a resistance and the market pivoted later to set a higher low around $19. 

After some consolidation on the 29th of May, DOT/USD pushed higher and established a higher high at the $28 mark. Over the past hours, Polkadot retraced again and found support at the $24 mark. Therefore, we can expect the Polkadot price to move higher over the next 24 hours and reach the next target at $32.

Therefore, Polkadot price action currently offers a decent entry opportunity in terms of potential risk/reward.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish as the market prepares for another move higher over the next 24 hours. Next resistance is seen at the $32 mark and once reached would further establish strong bullish momentum taking over.

While waiting for further Polkadot price action development, read our latest guides on how to Cardano, Bitcoin dominance and how to 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.

Source: https://www.cryptopolitan.com/polkadot-price-analysis-2021-06-04/