- Polkadot price analysis is bearish today.
- DOT/USD rejected upside overnight.
- Closest support at $38.
Polkadot price analysis is bearish today as we saw upside rejected after a quick push higher overnight. Therefore, DOT/USD should see further downside later today, likely setting another lower low.
The cryptocurrency market saw a bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 2.41 and 3.25 percent, respectively. Meanwhile, most of the top altcoins follow with similar results.
Polkadot price movement in the last 24 hours: Polkadot rejects upside around $43, moves lower
DOT/USD traded in a range of $39.47 – $43.60, indicating substantial volatility. Trading volume has increased by 25.59 percent, totaling $1.39 billion, while the total market cap trades around $39.75 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT set to test further downside?
On the 4-hour chart, we can see bearish momentum returning for the Polkadot price action, likely leading to more downside later today.
Polkadot price action has seen bearish momentum return over the past weeks. After a new swing low was set at $55 on the 4th of November, the market could not move higher anymore.
On the 8th of November, a clear lower high was set, with a strong selloff following on the 10th of November, leading to the $43 mark. After some consolidation, a further drop followed on the 16th of November, taking DOT/USD to the $38 mark.
Since then, the Polkadot price action has seen consolidation sideways, with the $43 mark as resistance and $38 as support. After a sharp rejection for upside overnight, DOT/USD currently looks to move lower again, likely resulting in the $38 support tested again.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as we saw a rejection of upside overnight, leading to a selloff again. Therefore, DOT/USD should see further downside tested over the next 24 hours, likely setting a lower low past the $38 support.