The ongoing Bitcoin mania has made a steady march into the crypto-sphere, and with it, thePolkadot Foundation. As we prepared to write this blog, the leadingstablecoin was closing in on $24, as the price spiked past the $24.10 mark. The last weeks have been hard for investors who have been waiting to see price movement on thePolkadot cryptocurrency, as investor interest was driven by the price increase, but at the cost of large price swings.
Market capitalization of the cryptocurrency, Polkadot, has grown significantly over the past couple of months, and it has done so in a very organized fashion. Today, the value of the coin has increased by nearly $8 billion since last Friday, and it just broke the $25 mark for the first time.
Polkadot price has surged above $24 mark, and it might reach $28 if it keeps moving in this direction. Last month, the token skyrocketed by 138% before it started to correct in September. After it peaked above $28, it started to correct by more than 15%.. Read more about polkadot coin price and let us know what you think.
Summary of the situation
The DOT increased overnight.
Resistance at $24 was broken earlier in the day.
Next target at $28, the previous high.
Polkadot’s price analysis is bullish, as the bulls have been pushing the market away from $20 support for the past 24 hours and $24 resistance was broken this morning without much resistance. Therefore, we can expect the DOT/USD to hit its next price target at $28 later this week. Crypto-currency heat map. Source: Coin360 Overall, the market has traded in the green for the past 24 hours. Bitcoin was up 7 percent and Ethereum was up 5.5 percent. The rest of the market is showing similar increases, indicating strong upward pressure.
Polka dot price changes in the last 24 hours
Trading volume in DOT/USD reached $2.375 billion, up 134% from the previous 24 hours. The total value of the market is $23.8 billion, making it the 8th largest market in the world.
4-hour chart DOT/USD – DOT over $24
On the 4-hour chart we can see that the Polkadot price movement has shifted upwards in the last few hours, indicating that the bulls have regained control of the situation. Chart 4 hours DOT/USD. Source: TradingView In recent weeks, the market generally moved in a slightly upward price pattern after reaching a new multi-month low near $15 in late May. With Polkadot’s price down over 70%, we can assume that the bears are on their toes and that DOT/USD should recover in the coming weeks. Early last week, DOT set a high of $28. From there, the market slowly retreated to the $20 support level. After retesting the support level over the weekend, the DOT/USD reversed to the upside and started pushing the price higher overnight. The Polkadot exchange rate then reached a new high above $24. So the price action has turned bullish again. If the bulls continue to push the market higher with the same momentum, the $28 resistance should be reached in the next 24 hours. Alternatively, the DOT could reverse and pull back in preparation for another upward push after a slightly higher low.
Polkadot’s price analysis for today is bullish, as the market rallied quickly last night and made a new high above $24 in the last few hours. Therefore, we expect DOT/USD to hit the next resistance at $28 in the coming days as the market hopes for a new rally. While we wait for more Polkadot price action, check out our guides on how to cash in bitcoins, buy bitcoin stocks and trade bitcoins. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The market cap of crypto-currencies is increasing at a rapid pace. If you are new to the crypto world but want to get involved, or already know quite a bit, Polkadot may be the best bet for you. Polkadot is an ambitious blockchain project that plans to combine the best features of blockchain and the internet. The main focus of the project is to create a platform that is extremely scalable and can support a large number of transactions at a very fast speed. The platform will work as a vastly better version of Ethereum, as the creators have been in the crypto space for a long time and understand the intricacies of the network and blockchain technology better than practically anyone else.. Read more about polkadot stock and let us know what you think.