There is a lot of volatility in the crypto market right now, with only a few coins providing the kind of stability that investors hope to see. The majority of the big players are in the green, although there is a smattering of red among the names. One such coin is DOT, which has been steadily falling for a few months now, and is now trading at around $15. It is fairly stable, and has been on a steady downward path for the past few months, yet it is still volatile enough to move every few days.
The Polkadot token, DOT, is currently under high pressure. This is rapidly changing, as the price is now just $13.4. The token was trading at $15 just yesterday, with a high of almost $20. DOT is currently listed on Binance, Kucoin, and IDEX. It is also traded on Bittrex in a small but growing volume. It is the first ERC20 on the Ethereum network to offer the Polkadot Decentralised Application (DApp) platform. This means that the tokens will be used for network transactions built on the Polkadot blockchain.TL;DR Breakdown
- 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 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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