- Polkadot price is bearish following a massive sell-off overnight
- Market leaders BTC and ETH lost 3.72 and 5.24 percent, respectively
- As of this writing, Polkadot is trading at $23.98 against the US dollar.
Polkadot Price Analysis: General price overview
Polkadot price is bearish following a massive sell-off that saw the bears pull the price below the $24 resistance. While it is possible for the bulls to recover and push against the price hurdle, $24 remains a considerable concern due to a building supply zone.
However, the pullback comes to the advantage of dip-investors who might have felt side-lined by the rally. Hence they can now buy the cryptocurrency at the current discounted price and exert momentum towards the next bull rally.
Over the last 24 hours, the cryptocurrency market has been performing in the red zone, with majority of the cryptocurrencies posting losses.
Polkadot price movement in the last 24 hours: Polkadot losing momentum
According to our Polkadot Price Analysis, DOT/USD has been trading within the $22.50 – $24.71 range of moderate daily volatility. Polkadot’s trading volume is 15 percent less than what we recorded yesterday and sums to $2.9 billion.
Meanwhile, the coin has a total market cap of $23.07 billion after decreasing by 13 percent in the last 24 hours. According to data from Coin Market Cap, Polkadot ranks at number 9 overall.
DOT/USD 4-hour chart: DOT targets to breach $24 and break above $26
Polkadot price action witnessed a 46 percent rally between August 9 – 17 that set the bullish range to $27.45. Unfortunately, the bears pulled the price back to a roughly 18 percent retracement that would eventually clear support at $23.64.
The good news is the price has been able to recover around this level in the past few days and already surpassed the $22 and $23 demand barrier. Buyers have much confidence that the price will continue rising.
On the contrary, sellers are exerting pressure against the current price level, and investors must remain wary and prepared for a correction to the $21.5 price level.
Technicals are, however, biased against the bears, and momentum is yet to slow down. Buyers are already going strong, and only a breach against the demand barriers could suggest otherwise.
Polkadot price action has picked momentum and consolidated enough strength to sustain it along with the 100-hourly MA and the 200-hourly MA. Ideally, we should anticipate Polkadot’s momentum to continue rising in the coming days.
As of this writing, Polkadot is trading at $23.98 against the US dollar.
Polkadot price analysis conclusion
The Polkadot price analysis is bearish in the upcoming 24 hours as the bears are actively trying to lower the market than yesterday.
The acting resistance is $24; if the bulls manage to breach that point, high chances exist of breaking above $26 and touching the 5-weeks high at $27.64.