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