Polkadot price prediction: Polkadot retraces to $38, set to move higher today

TL;DR Breakdown

  • DOT support by $38 level.
  • Next minor resistance at $41.5.
  • Next major resistance at $46 all-time high.

Today’s Polkadot price prediction bullish as the market price spiked lower overnight to $38 and currently starts to build momentum to move higher. First resistance is seen at $41.5, after which the all-time high at $46 is likely to be tested later this week.

DOT/USD opened at $39.55 after a quick spike lower late yesterday. Support was found around $38 previous resistance, meaning that we should see the Polkadot price action turn bullish and move higher. 

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $38.05 – $41.91, indicating a good amount of volatility. 24-hour trading volume has increased by 29.2 percent and totals $3.8 billion. Meanwhile, the total market cap stands at $38.3 billion, ranking the cryptocurrency in 7th place overall.

DOT/USD 4-hour chart – DOT spikes to $38 overnight

On the 4-hour chart, we can see further downside rejected over the past hours as the Polkadot price has moved back above $40.

Polkadot price prediction: Polkadot retraces to $38, set to move higher today

DOT/USD 4-hour chart. Source: TradingView

Overall, Polkadot has seen strong bullish momentum over the past weeks. After finding strong support at the $28 mark, the market starting trading higher over the following days until the major resistance at $40 was broken on the 2nd of April.

From there, the Polkadot price action spiked higher, and a new all-time high was set at $46.85. Over the following days, Polkadot moved sideways around the $43.5 level, with retests of both the $46 resistance and $41.5 support.

On the 7th of April, the price momentum finally pushed lower, and a quick spike to the $38 mark was seen, with the $40 support providing no support. Right now, DOT/USD has shown signs of rejection for further downside, and the market has moved towards the $41.5 previous support that now acts as a resistance. Therefore, if Polkadot price action can break above the $41.5 mark, we should see further upside later today as the bulls are eager to retest the all-time high of around $46.

Alternatively, if the $41.5 resistance holds the market from further upside, we should see further downside over the next few days, meaning that the all-time high will not be retested in the upcoming weeks as a much stronger bearish price momentum will take over.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as the market quickly spiked lower overnight and currently looks to push higher again. The first resistance is seen around $41.5, after which we expect a quick move higher towards the $46 all-time high.

While waiting for Polkadot to move higher, read our latest long-term price predictions on KIN, ADA, and BCH

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/polkadot-price-prediction-2021-04-08/