Every day, we go through various phases of life. There’s our childhood, the rebellious teenager, the career-oriented mid-twenties, the aging child, the parent, the retiree and the newborn. Different phases of life bring different levels of stress, happiness or turmoil. The cryptocurrency space also has its phases of life; a rise in prices for certain cryptocurrencies can be divided into several phases.
In this article, we’ll analyze the current state of the Polkadot market by assessing recent developments in the price and token supply of DOT. We will also take a peek at the most likely scenarios and their implications for the token’s future.Summary of the situation
- The price analysis for Polkadot is bearish as the price is close to the $15.00 support level.
- The DOT/USD looks poised for a pullback to the $13.5 pivot point in the next 24 hours.
- DOT failed to break above resistance at $18.00, which is bearish.
Our analysis of today’s Polkadot price shows a bullish market since 12:00 UTC yesterday. After a sharp drop at 9:00 am (UTC) yesterday, the market made a general upward turn. Although there are some resistances leading to short bearish moves, the momentum generated by the bulls is quite strong.
The 4-hour chart of the DOT/USD shows that a bullish trend emerged in the market at 12:00 UTC yesterday. Until today, 7. July, the market has recovered from the bearish takeover that began on the 4. July at 20:00 (UTC). and 8:00 (UTC) on 5. July, was withdrawn.
The market also slightly touched the recent high of 29. June. From this point, we can expect resistance to slowly increase. For now, however, the bullish momentum appears to be slightly stronger. Therefore, we can expect significant volatility in the coming hours.
Polkadot is likely to fluctuate between its highest price of $17.00 and yesterday’s lowest price of $15.1, as the market is currently very hot. Once the price reaches the $15.0 level, the market could reverse, leading to another pullback, according to Polkadot’s price analysis.
Polka dot price analysis question: about to hit $13.5 support?
The Polka Dot is expected to move lower for the rest of the week. However, the support line at $13.5 may not be broken, although a decline to that level is expected. Bearish fears are to be expected after a prolonged bullish phase.
While we wait to see how the Polkadot market performs, why not read our full guide to cryptocurrency wallets?
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