This past week, the prices of Polkadot tokens have fallen to what looks like a new low, falling down below $17. Immediately, the news and rumors of the project’s demise began to circulate, but it appears as though the downward trend is being halted for the time being. If you’ve been following the news, you’ve probably noticed that the project’s social media accounts have all been quiet and haven’t posted anything in the past week.
The recent crash in the price of the Future of Web of Things (F-Web) inspired me to conduct a Polkadot price analysis. I wanted to take a quick glance at the F-Web project and see how it’s doing, because it’s an interesting cryptocurrency to watch and I’ve been keeping my eye on it for a few months now.
The long-awaited Polkadot platform, which raised more than $150 million in a year-long ICO, has been attracting investors with its promise to build a highly scalable blockchain. Yet the blockchain has yet to launch and it has fallen from its high of $17 over the past few days. Now it is currently trading at $9.10.. Read more about polkadot coin price and let us know what you think.Summary of the situation
- Yesterday the DOT set the bar a little high at $17.
- The DOT/USD reversed overnight.
- The next support is at $13.5.
The Polkadot price analysis for today is bearish, as the market has set a slightly higher high and moved away from it. Therefore, we expect the bears to push the DOT/USD lower today to retest support at $13.50.
Looking at Polkadot shares in recent weeks, we see strong bearish momentum pushing the market from a high of $28 to support at $13.50. Once the $13.50 level was reached, there was a quick reversal, similar to what happened in late May when the market underwent a much stronger downward push.
After briefly consolidating below the $17 resistance level last week, the DOT/USD tested the $13.50 support level again and started moving higher. The $17 level was reached again yesterday, with a slightly higher high, suggesting that bullish momentum is strengthening.
Overall, this development suggests that the DOT price could reverse to the upside in the coming days and approach previous key highs. However, a much higher bottom must first be established as the basis for the next bullish wave later this week.
Once a higher bottom is reached, we expect Polkadot to target the $19-20 range, as the market found strong support there in early June.
Polka dot price analysis: Supplement
Polkadot’s price analysis is bearish, as yesterday a higher high was reached and the market is looking to establish a higher low from which to proceed for the rest of the week. So the previous support at $13.50 is now the level to keep an eye on, as a low above this level could send the entire market higher.
In anticipation of the rise of Polkadot, read our guides on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoin.
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