Polkadot Price Analysis: DOT retests $15 resistance, prepares to reverse?

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TL;DR Summary

  • Yesterday, DOT made a comeback.
  • Today, polkadot reached a new high of $15.
  • Over the next 24 hours, DOT/USD is expected to revert.

Today’s Polkadot price analysis is bearish, as another attempt to rise over the $15 level was greeted with rejection. As a result, we may expect DOT/USD to reverse later today and test the nearest support around $13.6.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the entire market has traded with mixed outcomes. Bitcoin and Ethereum, the market leaders, are marginally higher, up 0.45 percent and 0.14 percent, respectively. Ripple (XRP) is one among the poorest performers, now trading at a loss of approximately 4.6 percent.

Polkadot price trend during the past 24 hours: Polkadot is rallying back around $15.

Over the past 24 hours, DOT/USD has traded in a range of $1.26 to $1.32, showing moderate volatility. The overall trading volume has dropped by 13.4% to $1.7 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $40.9 billion, putting it in fifth position worldwide.

DOT/USD 4-hour chart: Is the DOT on the verge of reversing?

The Polkadot price is refusing additional upward on the 4-hour chart as bears ready to push to the negative later today.

Polkadot Price Analysis: DOT retests $15 resistance, prepares to reverse?4-hour DOT/USD chart. TradingView is the source of this information.

Polkadot price movement has been trading in a strong positive trend over the past several days, after a sharp drop below the $10.5 level early this month. DOT/USD has lost more over 40% of its value during the previous downswing, with a positive retracement now reclaiming the majority of it.

The $15 mark has previously served as a strong support level. Polkadot pricing approached to retest its prior support as resistance earlier this week, suggesting that a reversal may be in the works.

Because the entire market is trading with strong negative momentum, DOT/USD is expected to follow the overall trend and launch another wave to the lower. As a result, we anticipate Polkadot to experience a lot more decline in the next weeks as long as the $15 barrier is not broken.

Conclusion on the Polkadot Price Analysis 

The $15 barrier is retested for the second time, with a rejection for additional upward, according to Polkadot price analysis. As a result, we anticipate DOT/USD retracing later today and testing the $13.5 support level.

While you wait for the price of Polkadot to drop, check out our information on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

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