Polkadot Price Analysis: DOT bears retests $25 as support, targets $23.50 next?

ADA USD price analysiS

TL;DR Breakdown

  • Polkadot price analysis is bearish for today.
  • DOT/USD dropped to the $25 region
  • DOT saw a quick spike lower to $28.

On our Polkadot price analysis, the coin is trading bearishly after the market retraced quickly to the $22 mark overnight. DOT/USD was able to contest the bearish pressure and regain the $26 support. We are expecting the coin to slide downwards in the next 24-hours as bears exert a pullback further down from the daily high at $35.

The cryptocurrency market traded with a strong bearish momentum over the last 24 hours. Bitcoin is down by 12 percent, while Ethereum remained fell violently by 14 percent. Meanwhile, Solana (SOL) which has remained the best performing altcoin for the most part of the week fell down by 10 percent to the $162 mark. 

Polkadot price movement in the last 24 hours: Polkadot retests $25 as support after overnight downtrend

DOT/USD traded in a range of $25 – $28, indicating mild volatility over the last 24 hours. The trading volume went up by 114 percent and totals $5.523 billion, while the total market cap trades around $26.52 billion, ranking the coin in 10th place overall.

DOT/USD 4-hour chart: DOT targets $23.50 next?

On the 4-hour Polkadot price analysis chart, we can see the DOT/USD  price preparing for a rally above $26 support after undergoing hours of strong bearish pressures between $25 – $28.

Polkadot price analysis
DOT/USD 4-hour chart. Source: TradingView

Polkadot has struggled to cap a violent upside against the $35 resistance where further gains were rejected both yesterday and today. The cryptocurrency has been hugely affected by selling pressure at $29 as well and has taken lots of effort to cross into the $30 region. 

Nonetheless, the coin is back again below the barrier and the bulls are struggling to retest the $30 region with the $26 mark serving as support. 

We are expecting Polkadot price action to fall in the next 24-hours if the bulls are unable to defend the $26 support. Which could lead to a lower high later in the course of the week. 

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bearish for the next 24 hours after setting a lower low at $25 and a lower higher at $28. Polkadot rejected further highs above the $28 mark and we are therefore expecting DOT/USD to move lower over the next 24 hours.

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.

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