The price action of the crypto bear market has been volatile, but it appears the market may be about to enter a short period of consolidation. On the 4-hour chart, the price of DOT has retraced to test the $17 support zone on the downside. The test of the $17 support zone is a warning that the bearish pressure is gaining more traction. If the price of DOT is able to clear the $17 support zone, the market could see another leg up to test the $25 resistance zone. If the price fails to clear the $17 support zone, the bulls will likely have a tough fight for the $25 resistance zone.
The Verge of Things is a website dedicated to the latest news and analysis about the ethereum blockchain, smart contracts, and decentralized applications (dapps). Oftentimes, the Verge of Things will write about the most recent events in the blockchain and cryptocurrency industries. On July 23, 2018, an article was posted on the Verge of Things titled “Polkadot Price Analysis: DOT retraces to retest $17 support.” The article was written by John Ramey, a market analyst for cryptocurrency markets in South Florida.
Just hours after the token swap, the $PTO (Polkadot) price is retracing from the $17 resistance level. The price is currently testing the support at $17.41, and if it sustains, it will confirm the breakdown to the long-term support line at $15.30. If the price continues to stall below the $17 mark, it could even test the $16 mark.. Read more about polkadot coin price and let us know what you think.
- Yesterday, DOT took a turn to the side.
- Overnight, there was a retracement.
- DOT/USD is likely to revert if support around $17 is found.
The $17 prior resistance level was retested as support overnight, making Polkadot price analysis positive for today. As a result, we anticipate DOT/USD to rebound from the support level during the next 24 hours, eventually testing the previous swing high.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Overnight, the cryptocurrency market retraced, resulting in negative price activity in the past 24 hours. Bitcoin has dropped 2.63 percent, while Ethereum has dropped 3.25 percent. Polkadot (DOT) is one of the worst-performing stocks, down 5.83 percent.
Price trend of Polkadot in the past 24 hours: Polkadot retraces to $17 support.
Over the past 24 hours, DOT/USD has moved in a range of $17.01 to $18.71, showing high volatility. Trading volume has dropped by 41.64 percent to $1.43 billion, bringing the total market value to $16.93 billion.
DOT/USD 4-hour chart: Is DOT poised for further gains?
The Polkadot price is retracing to retest the $17 prior barrier as support on the 4-hour chart, in preparation for another effort to rise higher.
4-hour DOT/USD chart. TradingView is the source of this information.
After the $10.5 support stopped any decline on July 20th, the Polkadot price has increased by almost 90% in the last few weeks. DOT/USD also broke through the $17.5 barrier, suggesting that the negative price action pattern that has been in place for many months has not turned positive.
DOT surged much further over the weekend, until additional upside was rejected at the $20 level. From there, the DOT/USD began to retrace yesterday, with the prior resistance level of $17 being challenged as support early today.
Overall, this price action development suggests that until the $17 barrier is breached, we may see a reversal in the following 24 hours. If DOT/USD falls below $17, we may witness a much more significant pullback below the $15 level later this week.
Conclusion on the Polkadot Price Analysis
Polkadot price analysis is positive for the next 24 hours as a higher low is formed above the prior barrier of $17, which is now acting as a support. Following this market action, the DOT/USD pair is expected to surge higher to the $19 resistance level, from which new highs may be achieved later this week.
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