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.
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