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Polkadot Price Analysis: DOT fails to move higher, returns below $40

TL;DR Breakdown

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.

Polkadot Price Analysis: DOT fails to move higher, returns below $40 1 — Cryptocurrency heat map. Source: Coin360

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 Analysis: DOT fails to move higher, returns below $40 — DOT/USD 4-hour chart. Source: TradingView

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.

While waiting for Polkadot to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”