Polkadot price prediction: Polkadot finds resistance at $38, moves to retest the $32 support
Summary of the situation
The DOT is about $38.
The closest support is $32.
The next resistance is at $40.
The price outlook for Polkadot is bearish today, as the market heads for a retest of the previous low at $32, after the $38 support that developed earlier in the day was bypassed.
Crypto currency heat map. Source : coin360
The entire crypto-currency market has been in the green for the past 24 hours. Still, most of the gains are slowly being eroded as bearish momentum has pushed the market lower in recent hours. Bitcoin is up 2.8%, while Ethereum is up 4%. The rest of the market is performing similarly in terms of price, with the exception of Dogecoin, which is up 35%.
The DOT/USD opened at $37.37, after yesterday’s massive volatility led the market to a quick rally to $32 support. Overnight, some of the losses were made up as the bulls pushed the DOT to the $38 level. From that point on, the dynamics of Polkadot’s price changed again and began to decline. Consequently, we expect further declines later today, with the next major support at $32.
Polka dot price fluctuations in the last 24 hours
The price of DOT has fluctuated between $34.49 and $38.69, indicating significant volatility. Continued trading volume fell 48% to $3.26 billion. The total market size is $37.8 billion, putting cryptocurrencies in 8th place.
4-hour chart DOT/USD – DOT is currently pushing towards the $support level at $32.
On the 4-hour chart, we see that the DOT/USD has been moving lower for the past several hours, after hitting resistance at $38 earlier today.
DOT/USD 4-hour chart. Source: TradingView
In general, Polkadot’s price action has changed in recent weeks. After a new high just above $46, the market consolidated in a somewhat dazed fashion after another attempt to rise. Polkadot failed to break through the $46 resistance level, and a sharp drop to $38 support followed the next day.
Polkadot’s price momentum did not recover from there, as more than a week of consolidation was seen above $40 support. After increasing volatility in the second half of last week, the DOT/USD finally moved higher and set a new quick high at $48.3. Another hack attempt was immediately rejected, which basically means that another hack attempt above failed.
The DOT has been falling for the past few days, with a brief rebound to the $32 level early yesterday. Later in the day, some of the losses were made up until resistance was found around $38. The bears have regained control of this price zone and the price of Polkadot has started to fall again.
Polka dot is currently trading around $36 and the next major support is at $32. If the DOT/USD moves lower and forms a higher swing low above the $32 level, we expect the entire price structure to change later this week.
Alternatively, if $32 support is broken, we are likely to see another strong push down towards the next support at $28. This change in price action would be a very bearish sign and would likely lead to a reversal of the trend in the medium term.
Polkadot Price forecast: Supplement
Polkadot’s price forecast is bearish as the market dynamics have changed after hitting resistance at $38 earlier today. Currently, the DOT/USD is being pushed lower and we can expect further declines in the coming hours. If Polkadot’s price action can establish a high flow above the $32 level, we could be looking at a medium-term trend reversal to a bullish trend this week.
While we wait for the Polkadot share price to develop, you can check out our long-term forecast of the Polkadot share price. To learn more about other great altcoins, check out our long-term price predictions for Cardano and Stellar.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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