Polkadot News

Polkadot price prediction: Polkadot finds resistance at $38, moves to retest the $32 support

TL;DR Breakdown

  • DOT reverses around $38.
  • Closest support at $32.
  • Next resistance at $40.

Today’s Polkadot price prediction is bearish as the market moves to retest the previous low at $32 after reversing around the $38 support turned resistance level earlier today. 

Cryptocurrency heat map. Source: Coin360

The overall crypto market is in the green over the last 24 hours. However, most of the gains are slowly being lost as bearish momentum has continued to push the market lower over the past hours. Bitcoin trades with a 2.8 percent gain, while Ethereum is up by 4 percent. The rest of the market has similar price performance, except Dogecoin, which is up by 35 percent.

Polkadot price prediction: Polkadot finds resistance at $38, moves to retest the $32 support

DOT/USD opened at $37.37 after huge volatility to the downside yesterday took the market to a quick spike towards $32 support. Overnight, some of the loss was regained as bulls pushed DOT towards the $38 mark. From there, the Polkadot price momentum shifted again and started moving lower. Therefore, we expect further downside later today, with the closest major support at $32.

Polkadot price movement in the last 24 hours

DOT price traded in a range of $34.49 – $38.69, indicating substantial volatility. 24 hour trading volume has dropped by 48 percent and totals $3.26 billion. Meanwhile, the total market cap stands at $37.8 billion, ranking the cryptocurrency in 8th place overall.

DOT/USD 4-hour chart – DOT currently pushes towards $32 support

On the 4-hour chart, we can see DOT/USD moving lower over the past hours after peaking around $38 resistance earlier today. 

DOT/USD 4-hour chart. Source: TradingView

Overall, Polkadot price momentum has shifted over the past weeks. After setting a new all-time high just above the $46 mark, the market consolidated for several days after another push higher was attempted. Polkadot failed to break above the $46 resistance, and a sharp move lower was seen over the following day towards support at $38.

From there, Polkadot price momentum failed to regain its strength as a more than week-long consolidation was seen above $40 support. After an increase in volatility over the second half of last week, DOT/USD finally spiked higher and established a quick higher high at $48.3. A further upside was immediately rejected, effectively meaning that another attempt to break higher had failed.

Over the past days, DOT pushed lower, with a quick spike to the $32 mark seen early yesterday. From there, some of the loss was regained over the remainder of the day until resistance was found around $38. Bears regained control around this price area, and Polkadot price started moving lower once again. 

Currently, Polkadot trades around $36, with the next major support seen at $32. If DOT/USD pushes lower and sets a higher swing low above the $32 mark, we expect the overall price structure to reverse over the remainder of this week. 

Alternatively, if the $32 support is broken, we will likely see another strong push lower to $28 next support. This price action development would be a very bearish sign and will likely lead to a much longer medium-term trend reversal.

Polkadot Price Prediction: Conclusion

Polkadot price prediction is bearish as the market momentum has shifted after reaching $38 resistance earlier today. Right now, DOT/USD is being pushed lower, and we can expect further downside over the next hours. If Polkadot price action can establish a high flow above the $32 mark, we can start to look for a medium-term trend reversal back to the upside later this week.

While waiting for further Polkadot price action development, see our long-term Polkadot price prediction. To learn more about other great altcoins, read our Cardano and Stellar long-term price predictions.

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.

This post was last modified on November 25, 2021 2:43 pm

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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