- Polkadot price analysis is bearish today.
- DOT/USD moved back to $43 yesterday.
- Further upside is currently rejected.
Polkadot price analysis is bearish today as the $43 resistance prevents further upside. Therefore, we expect DOT/USD to reverse over the next 24 hours as a lower high is likely set.
The overall market traded mostly in the green over the last 24 hours. Bitcoin remains flat, with a loss of 0.01 percent, while Ethereum is up by 3.78 percent. Meanwhile, Shiba Inu (SHIB) is among the worst performers, with a loss of 12.5 percent.
Polkadot price movement in the last 24 hours: Polkadot retraces to $43 to retest it as resistance
DOT/USD traded in a range of $41.56 – $43.71, indicating substantial volatility over the last 24 hours. Trading volume has declined by 18.74 percent and totals $1.71 billion, while the total market cap trades around $42.1 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT to test further downside?
On the 4-hour chart, we can see a lower high being established as the $43 mark prevents further upside.
Polkadot price action has seen bearish momentum return this week. After a strong first half of October, a new swing high was set around $46.3 on the 22nd of October.
However, from there, DOT/USD failed to move higher, setting a slightly lower high at $46. Strong push lower followed on Wednesday, leading DOT to set a new lower low at $39.
Yesterday, recovery was seen as most of the loss was retraced. Likely we will see another lower high established around the $43 mark, leading to more downside over the weekend.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as another lower high has likely been set around the $43 mark after a retracement to the upside yesterday. Therefore, we expect DOT/USD to continue lower and move towards the previous low again.
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