- Polkadot price analysis is bearish today.
- DOT/USD peaked at $41.5 yesterday.
- Sellers look to retest the previous low next.
Polkadot price analysis is bearish today as we saw a failure to move higher yesterday, resulting in a lower high set at $41.5. Therefore, DOT/USD should move to retest the previous low over the next 24 hours.
The market traded mostly in the green over the last 24 hours, with Bitcoin up by 0.31 percent. Meanwhile, Ethereum gained 3.4 percent, while Crypto.com Coin (CRO) was the top performer, with a gain of over 15 percent.
Polkadot price movement in the last 24 hours: Polkadot sets lower high at $41.5, returns lower
DOT/USD traded in a range of $39.09 – $41.45, indicating mild volatility over the last 24 hours. Trading volume has declined by 8 percent, totaling $1.12 billion, while the total market cap trades around $38.67 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT looking to retest the $38 support
On the 4-hour chart, we can see the Polkadot price declining again today as bears look to test previous lows again.
Polkadot price action continues to trade in a bearish market structure this week. After a new major swing high was set on the 4th of November at $55, DOT/USD has seen bullish momentum exhausted.
Series of lower lows and highs have led to the current low at $38, with selling pressure slowing down over the past week. Resistance has been established at $43, as another lower high was set and retested on Monday.
Since then, the Polkadot price has seen both a slightly higher low and lower high set, indicating consolidation in an increasingly tighter range. However, the overall momentum is still bearish, potentially meaning that DOT/USD could see further lower lows set later this week.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as we expect more downside to follow after a lower high was set at $41.5 yesterday. DOT/USD is headed to retest the previous lows around $38 – $39 later today, with a good potential to break lower.