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Polkadot Price Analysis: DOT tests $43 as resistance, reversal to follow?

Polkadot Price analysis

TL;DR Breakdown

  • 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.

Polkadot Price Analysis: DOT tests $43 as resistance, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: DOT tests $43 as resistance, reversal to follow?
DOT/USD 4-hour chart. Source: TradingView

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.

While waiting for Polkadot to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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