Polkadot price analysis is bearish today.
DOT/USD set a higher high at $45 yesterday.
Polkadot likely to retest $43 as support.
Polkadot price analysis is bearish today as a retracement is needed after the $45 mark prevented further upside yesterday. Therefore, we expect DOT/USD to find support at $43 and look to set a higher low from there.
Cryptocurrency heat map. Source: Coin360
The overall market traded with strong bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 3.33 percent, while Ethereum was up by 8.99 percent. Meanwhile, Solana (SOL) is the top performer, with a gain of 22 percent.
Polkadot price movement in the last 24 hours: Polkadot sets slightly higher high at $45
DOT/USD traded in a range of $41.11 – $45.50, indicating strong volatility over the last 24 hours. Trading volume has spiked by 98.78 percent and totals $2.67 billion, while the total market cap trades around $43.6 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT to consolidate around $43 today?
On the 4-hour chart, we can see a bearish momentum return for the Polkadot price action after a strong spike higher yesterday.
DOT/USD 4-hour chart. Source: TradingView
Polkadot price action has seen strong bullish momentum in October. After a new major swing low was set at $26 on the 28th of September, a strong push high began on the 1st of October.
After several higher highs and lows, DOT/USD saw a huge spike higher on the 13th of October. Since then, further heights have been tested, while selling pressure has increased.
Over the past week, a slow retracement to the $40 mark was seen after a slightly higher high was set below $45. Bullish momentum appeared again yesterday, quickly pushing the Polkadot price above $45 and setting another slightly higher high. However, over the next 24 hours, we expect another retracement.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as a retracement was needed after a substantial spike above $45 yesterday. DOT/USD will likely find support at the $43 closest support.
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