Polkadot Price Prediction: Sideways Trading
But For How Long? The Polkadot price has been unable to hold
on to the relief rally gains. DOT remains in a tight range as bruised traders
digest last week’s sell-off. Cryptocurrencies share a high correlation. In general, Bitcoin is the market leader,
and when it runs higher, it drags altcoins with it. Last week we saw that the reverse is also
Although, altcoins have a higher beta, which
means they will outperform Bitcoin on the way up and underperform it on the way down. This has been evident in the Polkadot price
performance this year. It had gained +500% from the start of the
year vs. Bitcoins’ +140% increase. In the recent crash, Bitcoin lost -$53% vs.
DOT’s -70% decline. Therefore, we can assume that whichever path
Bitcoin chooses next will profoundly affect the Polkadot price. Polkadot Price Action
Dot has followed the same recent pattern as much of its peers. During Wednesday’s sell-off, the price traded
down to $17.2200. An 80% rally to $31.07 followed, which then
faded back to $21.0000. Despite further attempts to break through
$31.00, the Polkadot price is currently trading at $22.000. An ascending trendline, in place from the
May 19th low, supports the price at $21.4000.
Each time DOT has touched the trend line;
it has managed to bounce. However, each time met resistance around $24.6000. If the Polkadot price can clear this resistance
level, it may well be on track to make another attempt at $31.0000. Nonetheless, a failure to hold the trend support
at $21.4000 would signal a visit to Wednesday’s $17.2200 low could follow. subscribe channel
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