DOT, which stands for ‘Dotcoin’ is currently in the middle of a fierce price war. In the past 24hrs, we have seen DOT drop from $11.70 to $15.05, a 29.4% drop. This is the second time in two weeks that DOT has buckled under the pressure of price movement and has tested the $14.00 level. $14.00 is a critical level for DOT. A continued breach of $14.00 will see DOT testing the .90 retracement at $13.76 and $13.24.
Polkadot (DPO) is the fastest growing DApp on the Ethereum blockchain, and it has lost almost 90% of its value since January (in fact, DPO was worth $0.1 just before Christmas). The price of DPO has been in a downward trend for the past few months, and there is a possibility of a significant turn around. If DPO can regain $15, it could be the perfect time to buy.
The latest price action from the cryptocurrency markets has seen the value of the “DOT token” reverse its $15 level resistance level and move towards $11.
- Yesterday, DOT made a comeback.
- Today, polkadot reached a new high of $15.
- Over the next 24 hours, DOT/USD is expected to revert.
Today’s Polkadot price analysis is bearish, as another attempt to rise over the $15 level was greeted with rejection. As a result, we may expect DOT/USD to reverse later today and test the nearest support around $13.6.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the entire market has traded with mixed outcomes. Bitcoin and Ethereum, the market leaders, are marginally higher, up 0.45 percent and 0.14 percent, respectively. Ripple (XRP) is one among the poorest performers, now trading at a loss of approximately 4.6 percent.
Polkadot price trend during the past 24 hours: Polkadot is rallying back around $15.
Over the past 24 hours, DOT/USD has traded in a range of $1.26 to $1.32, showing moderate volatility. The overall trading volume has dropped by 13.4% to $1.7 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $40.9 billion, putting it in fifth position worldwide.
DOT/USD 4-hour chart: Is the DOT on the verge of reversing?
The Polkadot price is refusing additional upward on the 4-hour chart as bears ready to push to the negative later today.
4-hour DOT/USD chart. TradingView is the source of this information.
Polkadot price movement has been trading in a strong positive trend over the past several days, after a sharp drop below the $10.5 level early this month. DOT/USD has lost more over 40% of its value during the previous downswing, with a positive retracement now reclaiming the majority of it.
The $15 mark has previously served as a strong support level. Polkadot pricing approached to retest its prior support as resistance earlier this week, suggesting that a reversal may be in the works.
Because the entire market is trading with strong negative momentum, DOT/USD is expected to follow the overall trend and launch another wave to the lower. As a result, we anticipate Polkadot to experience a lot more decline in the next weeks as long as the $15 barrier is not broken.
Conclusion on the Polkadot Price Analysis
The $15 barrier is retested for the second time, with a rejection for additional upward, according to Polkadot price analysis. As a result, we anticipate DOT/USD retracing later today and testing the $13.5 support level.
While you wait for the price of Polkadot to drop, check out our information on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.
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There are many questions to answer about Polkadot, the impressive new blockchain project that aims to create a decentralized internet for the masses. What is its business model? What are its plans for interoperability? What does its testnet aim to accomplish? And what are the connections to dPoW?. Read more about qkc usdt tradingview and let us know what you think.
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