- Summary:
- Polkadot prices are down by a percentage point. If the bearish trend holds, it will mean a resumption of the months long trend.
Polkadot is down by less than a percentage point. The drop comes amidst a recent aggressive bullish move that has resulted in the prices of Polkadot going up by 20 per cent in the last six days.
Polkadot Price History
Throughout the year, Polkadot has been in a strong bearish move. This has seen its prices drop by 60 per cent since the year started. Last month, the prices had dropped by over 50 per cent at some point. However, towards the end of the month, Polkadot started recovering and closed the month of May with a 28 per cent price drop.
The recent price history is likely to play a significant role throughout the month of June, partly because the prices are likely to resume the aggressive bear move. In addition, the global cryptocurrency market is still looking bearish. Therefore, the trends we saw in the last month, where the crypto market temporarily crashed, will likely be still evident this month.
Polkadot Price Prediction
In today’s trading session, the prices are toying between the bulls and the bears. However, prices were down by less than a percentage point at the time of the writing. Moreover, the early hours of the session had also resulted in a 2 per cent price drop. Therefore, prices have leaned more towards the bears than the bull despite toying.
Looking at the chart below, the recent long-term trend has been bullish. The move has resulted in a 15 per cent price gain in the past five days. However, yesterday’s trading session resulted in a one per cent price drop. The early hours of the session also looked highly likely to continue the bearish trend.
Using the chart below, we can also see the prices have recently touched the upper trend line of the descending channel. Normally the prices can either break and continue with the bullish trend or resume trading within the pattern. The chart below shows the price action resulting from touching the upper trend line has resulted in a downward move.
Therefore, my Polkadot price prediction expects the prices to continue falling. As a result, there is a high likelihood we may see Polkadot trading below $10 again. I also expect the prices to hit the $9.3 support level. However, if the prices recover and trade above $10.7, then my bullish analysis will be invalidated. On the other hand, it will also mean a chance for Polkadot to continue going up.
Polkadot Daily Chart
