cryptopolitan.com
- Polkadot price analysis is bearish today.
- DOT/USD set new higher high below $26.5.
- Bulls likely are exhausted.
Polkadot price analysis is bearish today as we expect reversal after a new higher high was set below $26.5. Likely DOT/USD will retrace some of the gains and look to set a higher low next.
The market has seen bullish momentum return over the last 24 hours. The leaders, Bitcoin and Ethereum, are up by 2.72 and 4.79 percent, respectively. Meanwhile, Polkadot (DOT) has seen an excellent performance of 9.42 percent.
Polkadot price movement in the last 24 hours: Polkadot gains 17.5 percent since the last low
DOT/USD traded in a range of $134.64 – $143.78, indicating strong volatility over the last 24 hours. Trading volume has declined by 22.96 percent, totaling $1.62 billion, while the total market cap trades around $44.25 billion, ranking the coin in 5th place overall.
DOT/USD 4-hour chart: DOT has peaked below $26.5?
On the 4-hour chart, we can see the Polkadot price has set clear higher high today as another push higher was seen.
Polkadot price action saw the previous bearish momentum slow down over the past week. After another lower high on the 9th of January sent the market lower, DOT/USD only briefly moved lower to $22.5.
From there, the market quickly reversed, returning to the $24 mark. More upside followed yesterday, breaking the previous resistance at $25.5 and indicating a trend reversal forming.
Today another quick push higher was seen to just below the $26.5 mark. Since then, slight rejection for further upside can be seen, likely sending SOL/USD into a retracement over the next days. Potentially a higher low will be set next, confirming the trend direction change.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as the market has likely finally peaked below $26.5 after setting a clear higher high. From there, we expect DOT/USD to retrace some of the gains and look to set a higher low next.
While waiting for Polkadot to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.