TL; DR breakdown
- Polkadot price analysis is bullish
- The polkadot price in our 24-hour polkadot price analysis shows moderate volatility
- Polkadot has seen significant upward momentum in the past month and a half
Polkadot price analysis is bullish after the smart contracts platform’s token turned out to be the best coin of the day on the 24-hour chart. DOT / USD broke strong resistance at $ 29 and hit an intraday high of $ 32. The price of Polkadot is expected to rise later in the day as the bulls prepare to plunge against an upper target of $ 35.
A rally beginning July 20 through August 31 indicates a 205 percent improvement in polkadot price between the swing low of $ 10.36 and the swing high of $ 31.70 in August. Analysts are betting on an impending polkadot rally following the sudden breakout of its Layer 1 competitor Solana into the $ 100 region. Most traders believe that polkadot will be the next altcoin to hit an all-time high.
Polkadot Price Movement Over The Last 24 Hours: Polkadot makes a higher low at $ 29.77
The price of polkadot in our 24-hour polkadot price analysis shows moderate volatility between the daily range of $ 29.77 – $ 32.08. The trading volume of the Layer 1 smart contract token rose 107 percent in the past 24 hours to a whopping $ 5.34 billion. Polkadot’s market ranks 9th with an overall market valuation of $ 30.05 billion.
DOT / USD 4-Hour Chart: Will Polkadot Price Rise?
Our 4 hour polkadot price analysis suggests a bullish breakout with rejection at USD 31. We hope the coin will recover and hit a new high over the next 24 hours.
DOT / USD 4-hour chart: Source: TradingView
Polkadot has seen significant upward momentum in the past month and a half. The price of Polkadot rose about 208 percent to its peak at press time of $ 32.
The bulls are trying to turn the $ 29 resistance level into support and steer a rally towards $ 35. Initial pre-rally support was $ 24.5 and serves as a strong base for the upside momentum.
Overnight, the DOT / USD consolidated many gains, making the coin the hottest winner of the day with a 15 percent positive 24 hour change. We expect the price of Polkadot to continue to rise and make new higher lows over the next 24 hours.
Polkadot Price Analysis: Where Is The Price Of Polkadot Moving?
The upcoming Parachain auctions, which will be held in the Polkadot ecosystem, could be the next momentum that could drive DOT / USD to an all-time high. In addition, numerous projects have already expressed their interest in using Polkadot to drive their operations. Therefore, we can only continue to rely on a positive long-term picture for the price of Polkadot.
Disclaimer of liability. The information provided does not constitute trading advice. Cryptopolitan.com assumes no liability for investments made on the basis of the information provided on this page. We strongly recommend independent research and / or the advice of a qualified professional before making any investment decisions.
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