Polkadot (DOT) Bounces from $24 Support – What Next?

Briefly –

  • Polkadot highlights bullish movements today.
  • The altcoin retested the support level at $24.
  • The overnight session recorded a brief upward move.

Polkadot (DOT) displays bullishness on Sunday. Market players anticipate more uptrends after discovering support at $24. With that, analysts expect DOT to extend its upward push in the upcoming 24 hours.

The overall financial markets have witnessed mixed outcomes over the past 24 hours. The leading crypto, BTC, gained 0.18% as ETH lost 0.86%. On the other hand, Polkadot hovered in the red area with its 0.65% loss.

DOT Retests $24 with Gradual Upward Move

DOT/USD fluctuated inside the $24.89 – $25.87 range, showing mild volatility within the past 24 hours. Trading volume dropped by 23%, standing at $842 billion. Meanwhile, DOT’s market capitalization is near $24.7 billion, ranking 11 in the crypto rank by value.

DOT/USD 4Hr Chart

The four-hour chart forecasts price retracements as bears appear ready to push Polkadot lower. The altcoin has seen its price declining gradually over the last few weeks. The higher reaction following December 4 massive crash saw DOT/USD peaking at $31.5. Bearish momentum returned since then, slowly taking the alt lower.

Polkadot retested the previous $24 swing low first on December 15. The following price action formed another lower high, confirming a bearish structure. DOT retested the support at $24 again on Friday, and another reversal emerged.

For now, the DOT price seeks sentiment for higher moves. The pair can continue retracing for another lower high. Nevertheless, the dominant market structure depicts bearishness.

Final Thought

Nevertheless, Polkadot highlights bullish developments today. Analysts anticipate further increases as the support of around $24 avoided more losses. Therefore, the coin’s price can increase gradually in the coming 24 hours before a downside test.

Polkadot has to maintain its overnight upside narrative for steady surges in the upcoming sessions. That can rely on sentiment by the overall market. Bullishness across the cryptocurrency spectrum will trigger upward action in DOT. On the other side, BTC saw a slight surge within the past 24 hours, standing at $47,369. A steady rise past $50,000 by Bitcoin will support bullishness in the cryptocurrency industry.

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