Polkadot News

Polkadot price analysis: Polkadot retraces to $23, another push lower today?

TL;DR Breakdown

  • DOT reached the $23 mark yesterday.
  • Slight rebound earlier today.
  • Market prepares for another push lower.

Polkadot price analysis is bearish for today as the market retested the $24 resistance over the past hours and currently prepares to move lower again. Therefore, we expect DOT/USD to retrace further to test the $22 mark over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has lost 1 percent, while Ethereum almost 3 percent. Theta is among the best performers with a gain of 7.2 percent, while Shiba Inu among the worst with a loss of 10 percent.

Polkadot price movement in the last 24 hours

DOT/USD traded in a range of $22.58 – $24.00, indicating a small amount of volatility. Trading volume has decreased by 13 percent and totals $1.54 billion. Meanwhile, the total market capo stands at $22.1 billion, ranking the cryptocurrency in 9th place overall.

DOT/USD 4-hour chart – DOT set to retrace further?

On the 4-hour chart, we can see the market moving higher over the past hours and finding resistance at $24, indicating that we will see another push lower over the next 24 hours.

DOT/USD 4-hour chart. Source: TradingView

The overall market still trades with a neutral price action structure over the past weeks after retracing from the previous all-time high of $49.8 during the second half of May. After spiking to the $16 initially, the market saw strong rejection for further downside. This indicated that bears are exhausted and we can expect the market to reverse over the following weeks.

On the 23rd of May, Polkadot moved lower again and set a slightly lower low at $14, from which, another strong rejection was seen. This was the second confirmation for trend reversal. From there, DOT/USD moved higher to the $26 mark, and after some retracement, rallied high to $28.

This price action development was a clear indication that bulls are taking control over the overall market direction. However, the retracement over the past weeks to the $20 indicated that bulls are not yet ready to push the Polkadot price higher.

After another retest of the $20 mark on the 12th of June, the Polkadot price rallied to the $26 mark and established a higher high. From there, DOT/USD started to retrace again with the $22 mark as the potential support target as it is where the 61.8 Fibonacci retracement level is located.

This means that once another small push lower is set, DOT/USD would be ready for a long position entry, with the expectation that the next target above $28 will be reached over the following days.

Polkadot Price Analysis: Conclusion

Polkadot price analysis is bearish as DOT/USD continued to retrace yesterday and found some rejection around the $23 mark. However, after some rally earlier today, the overall market sentiment continues being bearish and we should see DOT/USD move to the $22 mark next.

While waiting for Polkadot to retrace further, read our latest guides on staking Cardano, cashing out Bitcoin, and buying Bitcoin stock.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

This post was last modified on June 17, 2021 1:58 pm

Egil Lapin

Egil is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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