logo

Polkadot Price Analysis: DOT retests $15 resistance, prepares to reverse?

Polkadot Price analysis

TL;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.

Polkadot Price Analysis: DOT retests $15 resistance, prepares to reverse? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, 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 $14.11 – $15.03, indicating mild volatility over the last 24 hours. Trading volume has increased by 9.21 percent and totals $1.18 billion. Meanwhile, the total market capitalization trades around $14.56 billion, ranking the cryptocurrency in 9th 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 Analysis: DOT retests $15 resistance, prepares to reverse?
DOT/USD 4-hour chart. Source: TradingView

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 Bitcoin fees, DeFi advantages, as well as what you can do with Bitcoin.

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.

Lapin

Lapin

Lapin 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.

Related News

Hot Stories

Ethereum price analysis: ETH swiftly spikes lower, looks to bounce from $1,680?
Tencent will shut down its NFT trading after China regulations
Litecoin price analysis: LTC/USD consolidate near $54.80 amid bearish winds
Swyftx axes employees amid market downturn
Uniswap price analysis: UNI crashes to $7.13 after a tremendous bearish period

Follow Us

Industry News

Swyftx axes employees amid market downturn
Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Redditor creates a bot for crypto price predictions
Korean police set to accept crypto for traffic fines after 88% program success