Polkadot News

Polkadot Price Analysis: DOT drops more than 15 percent overnight, support found at $38?

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin lost 10.54 percent, while Ethereum 12.4 percent. The rest of the top altcoins follow with similar results.

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.

DOT/USD 4-hour chart. Source: TradingView

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.

While waiting for Polkadot to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

This post was last modified on November 16, 2021 11:38 am

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.

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