The price of the Polkadot token (DOT) has found support at the $20 level as predicted in our previous article, and it looks like now is a good time to start accumulating at this price level. The primary support level comes in at $20, with a strong support level coming in at the $15.50 mark. From the chart, the 100-day EMA is near the $18 mark, and the 50-day EMA is sitting in the $25.50 area. A bounce from these levels will likely push DOT into the $30+ range.
Polkadot, the well known Dapp platform, is currently trading at $19.72. Based on the current trend in Polkadot/USD we can say that the value of this coin is supported by the current market. It seems that polkadot is gaining momentum and with the current growth, there are chances we see Polkadot trade at $20 very soon.
Summary of the situation
- The DOT peaked around $26 yesterday.
- Polka dot costs about $20.
- The next goal is to reach $32.
Today’s Polkadot price forecast is bullish, as the market has found support at $20 and is now preparing to move higher. Therefore, we expect the DOT/USD to move towards the next resistance at $32 in the coming weeks. Crypto-currency heat map. Source: Coin360 The general market has been relatively stable over the past 24 hours. Bitcoin lost 2 percent and Ethereum lost just over 3 percent. The rest of the altcoin market followed this trend, with the exception of Monero (XMR), which rose 21.7%. The DOT/USD opened today at $21.37, following yesterday’s bearish close that took the market from resistance at $26 to support at $20. Polkadot’s price action can’t go down at the moment, suggesting we should see another push higher in the next 24 hours.
Polka dot price changes in the last 24 hours
The DOT/USD price was trading in a range of $20.13 to $23.20, indicating good volatility over the past 24 hours. Trading volume fell 24.9% to $2.95 billion. At the same time, the total market size is $19.8 billion, which puts the cryptocurrency in 9th place overall.
4 hour chart DOT/USD – support found at $20
On the 4-hour chart we can see that the market reached the $20 level overnight and is currently refraining from further declines. Chart 4 hours DOT/USD. Source: TradingView Overall, the market is still trading with a bearish price action structure. Since hitting the last major high at $49.8, the DOT/USD pair has made a 70% pullback, suggesting that the bears have run out of strength and we could see a reversal next week. After forming a slight low in the $14-$15 range earlier in the week, the DOT/USD pulled back and formed a high below $26. The price of polka dot fell yesterday and found support at $20. Therefore, we could see the DOT/USD develop an uptrend tomorrow or even today. The initial price target is seen at $32, which would represent a potential gain of more than 50 percent over the current market price. Once the target is reached, the DOT/USD market structure will turn bullish again, leading to further gains in the coming weeks.
Polkadot Price forecast: Supplement
The Polkadot price forecast is bullish as the bears pushed the market from resistance at $26 to support at $20 yesterday. With the rejection of further declines, we expect the DOT/USD to reverse in the next 24 hours and begin moving towards the next resistance at $32. In anticipation of further Polkadot price movements, read our latest articles on how to buy Cardano and mine Zcash. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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