- Polkadot price analysis is bullish today.
- DOT/USD saw a strong selloff overnight.
- Support at $38 currently prevents further downside.
Polkadot price analysis is bullish today as we expect a reaction higher after a drop of more than 15 percent overnight. Likely DOT/USD will move back above the $40 mark, with the next resistance at $43.
Polkadot price movement in the last 24 hours: Polkadot spikes below $43, finds support above $38
DOT/USD traded in a range of $38.73 – $47.42, indicating strong volatility over the last 24 hours. Trading volume has increased by 129.29 percent and totals $2.321 billion, while the total market cap trades around $39.265 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT to regain some of the loss today?
On the 4-hour chart, we can see the Polkadot price respecting the $38 mark, likely leading to a reaction higher later today.
Polkadot price action has turned bearish over the past week. After a strong spike higher at the beginning of November, a new all-time high was set around $55 on the 4th of November.
From there, DOT/USD failed to reach further upside on the 8th of November, forming a clear lower low. The strong selloff followed, with support found at $43. Reaction higher and consolidation followed around $46 over the weekend.
Yesterday, a break lower was seen again. The Polkadot price quickly moved below previous support at $43, with a strong lower low reached at $38 today. Likely we will see a reaction higher today as bears are exhausted after such a strong drop.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bullish today as a reaction higher should follow after a massive selloff overnight. Therefore, we expect DOT/USD to regain some of the loss, with potential resistance to be tested next at $43 previous low.