Polkadot Price Analysis: DOT retests $15 resistance, prepares to reverse?
2 min readTL;DR Breakdown
- DOT rallied yesterday.
- Polkadot spiked to the $15 mark again today.
- DOT/USD is likely to reverse over the next 24 hours.
Polkadot price analysis is bearish for today as another attempt to move above the $15 mark was met with rejection for further upside. Therefore, we can assume, DOT/USD will start to reverse later today and test the closest support around $13.6 next.
The overall market trades with mixed results over the last 24 hours. The market leaders, BTC and ETH, are slightly in the green, with a gain of 0.45 and 0.14 percent, respectively. Ripple (XRP) is among the worst performers as it trades around 4.6 percent loss.
Polkadot price movement in the last 24 hours: Polkadot rallies towards the $15 mark again.
DOT/USD traded in a range of $1.26 – $1.32, indicating mild volatility over the last 24 hours. Trading volume has decreased by 13.4 percent and totals $1.7 billion. Meanwhile, the total market capitalization trades around $40.9 billion, ranking the cryptocurrency in 5th place overall.
DOT/USD 4-hour chart: DOT ready to reverse?
On the 4-hour chart, we can see the Polkadot price rejecting further upside as bears prepare to push to the downside later today.
Polkadot price action traded within a strong bullish momentum over the last few days after a strong decline was seen earlier this month to the $10.5 mark. DOT/USD lost more than 40 percent during the last downswing, with most of it currently getting reclaimed by a bullish retracement.
Previously the $15 mark acted as a powerful support level. Polkadot price approached to retest this previous support as a resistance earlier this week, indicating that we could see reversal around this area.
Since the overall market trades with strong bearish momentum, DOT/USD is likely to set another wave to the downside along with the overall trend. Therefore, as long as the $15 mark is not breached, we expect Polkadot to see a lot more downside over the following weeks.
Polkadot Price Analysis: Conclusion
Polkadot price analysis indicates bearish momentum to follow over the next 24 hours as the $15 resistance gets retested for the second time with a rejection for further upside. Therefore, we expect DOT/USD to retrace later today and test the $13.5 support next.
While waiting for Polkadot to decline in price, read our guides on BTC fees, DeFi advantages, as well as what you can do with BTC.
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