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Polkadot price prediction: Polkadot tests resistance below $32, prepares to move lower?


TL;DR Breakdown

  • DOT peaks below $32.
  • DOT starts to pivot overnight.
  • Closets support at $22.

Today’s Polkadot price prediction is bearish as we should see another push lower over the next 24 hours. From there, DOT/USD will attempt to establish a higher low to further indicate an upcoming medium-term reversal to the upside. 

Polkadot price prediction: Polkadot tests resistance below $32, prepares to move lower? 1
Cryptocurrency heat map. Source: Coin360

The overall market turns increasingly bullish as small gains are seen across the market. Bitcoin trades with a gain of 2 percent, while Ethereum with almost 3 percent. Monero (XMR) is among the best performers with almost 30 percent gain.

DOT/USD opened at $29.1 after a bullish close yesterday. The market failed to reach the $32 resistance and started to reverse overnight. This should lead to another move lower later today.

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $26.38 – $31.23, indicating a good amount of volatility over the last 24 hours. Trading volume has decreased by 56.6 percent and totals $4.9 billion. Meanwhile, the total market cap trades just below $27 billion, ranking the cryptocurrency in 8th place overall.

DOT/USD 4-hour chart – DOT prepares to move lower

On the 4-hour chart, we can see DOT/USD attempting to move higher over the $32 mark over the last 24 hours. 

Polkadot price prediction: Polkadot tests resistance below $32, prepares to move lower?
DOT/USD 4-hour chart. Source: TradingView

Polkadot price action has made a sharp spike lower over the past days. After peaking around the $49.8 mark on the 15th of May, the market retraced almost 70 percent until support was found at the $16 mark. 

This price action development indicates that the market has likely retraced enough from the gains seen over the past months. Therefore, a major reversal back to the upside is expected over the upcoming weeks.

However, the Polkadot price has to establish a higher local high above the $32 mark. As we saw overnight, DOT/USD currently attempts to move lower to set another higher low. This should allow the market to move higher over the weekend and set further highs.

Once Polkadot breaks above the $32 mark, we can expect a lot more upside over the following weeks as bulls look to set even further all-time highs and continue the overall several-month bullish trend.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bearish as the market rejects further upside for now and started to pivot to the downside overnight. Therefore, we expect DOT/USD to move lower over the next 24 hours to set a higher low above the $22 mark. From there, we should see the market start to reverse over the remainder of May.

While waiting for further Polkadot price action development, read our guides on other great altcoins such as Monero, Ethereum Classic, and Litecoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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