- Polkadot price analysis is optimistic.
- The DOT/USD pair has been consolidating over $26.
- Around $28, a slight resistance emerged.
Polkadot price analysis is positive, as the market has refused to fall any more in the previous 24 hours. As a result, we see DOT/USD preparing for a pullback and more rise next week.
Over the previous 24 hours, negative momentum has returned to the bitcoin market. The market leaders, Bitcoin and Ethereum, have both fallen in value, with Terra (LUNA) being the worst performance, losing nearly 11.4 percent.
Polkadot price trend in the last 24 hours: Polkadot still respects the $26 support level, with local resistance at $26
Over the last 24 hours, DOT/USD has traded in a range of $25.91 to $28.40, exhibiting low volatility. The overall amount of trading has climbed by 26.42 percent to $1.55 billion. Meanwhile, the coin’s entire market capitalization is estimated to be approximately $27.16 billion, putting it in the ninth position worldwide.
The 4-hour chart of DOT/USD: Is DOT slowing reversing?
The Polkadot price continues to respect the $26 support on the 4-hour chart, indicating that the market is likely preparing for a push higher later this weekend.
This week, the Polkadot price attempted to rebound. During the follow-up test of a downside, after earlier jumping to $25 last Friday, a new support level was created around $25-$26.
From then, on the 7th of December, DOT/USD experienced a strong push higher, reaching a new local high of $31.5. After a day of consolidation, however, there was no more rise. DOT began to fall once more on Thursday, reaching the $26 support early on Friday.
The Polkadot price movement has remained peaceful since then, trading above the recently discovered support. This price action pattern is most likely generating a possible reversal. However, given the overall market structure over the last few weeks, it wouldn’t be surprising if DOT/USD dropped again next week.
Polkadot price analysis is optimistic, as the market remains above the $26 support level. As a result, we believe DOT/USD is poised to reversal and go higher next week.