- DOT rallied higher yesterday.
- Resistance found around $21.5 again.
- DOT/USD set to reverse again today.
Polkadot price analysis is bearish for the next 24 hours as further upside could not be reached today after another retest of the $21.5 resistance. Therefore, we expect DOT/USD to reverse and test the $19 support once again later this week.
The cryptocurrency market traded with a slight gain over the last 24 hours. Market leader, Bitcoin has lost 0.86 percent, while Ethereum and the rest of the top altcoins have seen a small price increase. Cardano (ADA) is among the best performers with a gain of 6.4 percent.
Polkadot price movement in the last 24 hours: Polkadot retests $21.5 resistance
DOT/USD traded in a range of $20.14 – $21.39, indicating mild volatility over the last 24 hours. Trading volume has increased by 9.58 percent and totals $1.48 billion. Meanwhile, the total market capitalization trades around $20.28 billion, resulting in a market rank of 8th place.
DOT/USD 4-hour chart: DOT ready to retrace again?
On the 4-hour chart, we can see the Polkadot price rejecting further upside over the past hours, indicating an upcoming reversal back towards previous support around the $19 mark.
Polkadot price action has seen strong bullish momentum over the past weeks. After a lower low was set around the $10.5 mark, DOT/USD started to rally and gained more than 100 percent until resistance was found around the $21.5 mark.
Over the weekend, DOT could not reach any further highs and started to retrace back towards the $19 previous resistance. After a quick test of the $19 mark, DOT/USD rallied once more yesterday.
However, bulls could not breach the $21.5 resistance, and the market rejected further upside. This Polkadot price action development will likely result in another drop lower later today back towards the $19 major support level. From there, we could see a lot more downside later this week in case the $19 mark fails to prevent further downside.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish for the next 24 hours as further upside got rejected over the past hours after a brief spike to the $21,5 previous resistance. Therefore, we expect DOT/USD to retrace lower again and test the previous support around the $19 mark.
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