- DOT slowly moved towards $13 resistance overnight.
- Bears start to push DOT lower again.
- Next target at $10.5.
Polkadot price analysis is bearish for the next 24 hours as the market retraced yesterday and found resistance around the $13 mark. From there, XRP/USD pushed lower once again as bears target the $10.5 mark next.
Cryptocurrency market trades in the red over the last 24 hours. Bitcoin is down by 2.2 percent, while DOTereum is down by 5.34 percent. Dogecoin (DOGE) and Binance Coin (BNB) are among the worst performers, with a loss of 7 percent.
Polkadot price movement in the last 24 hours: Polkadot tests the $13 mark as a resistance
DOT moved in a range of $11.36 – $12.79, indicating strong volatility over the last 24 hours. Trading volume increased by 13.44 percent and totals $813.3 billion. Meanwhile, the total market capitalization has declined to $11.15 billion, ranking the cryptocurrency in 10th place overall.
DOT/USD 4-hour chart: DOT is on its way to $10.5 next
On the 4-hour chart, we can see the Polkadot price starting to decline over the past hours as bears target the $10.5 mark next.
The overall market structure is still heavily bearish as another strong wave started after a quick spike above the $17 mark on the 7th of July. From there, the $15 support was broken, and DOT/USD saw a several-day decline towards the $13 previous major low.
On the 16th of July, DOT/USD broke below the $13 support and retested it as a resistance yesterday. Overnight, DOT consolidated, with some bearish momentum appearing early today.
Since then, Polkadot price has moved lower and lost almost 10 percent as bears continue to push the market towards the $10.5 support.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish for the next 24 hours as bears have established a clear lower high around $13 resistance overnight. Currently, DOT/USD has already started to move lower and targets the $10.5 support next.
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