- Summary:
- In this Polkadot price prediction, we explain why the DOT is still ranging and what to expect going forward. We also explain why it could rise
The Polkadot price has struggled and lagged other cryptocurrencies in the past few days. DOT has gained by just 6% in the past 7 days while its peers like Bitcoin, Ethereum, and Chainlink have gained by more than 10% in this period. Its total value is slightly below $40 billion and is still in the top 10 of the biggest crypto projects in the world.
What happened: This week, most digital currencies soared because of the US inflation numbers and the Coinbase listing. Currencies like Bitcoin, Ethereum, and Binance all soared to their all-time highs while the total value of all cryptocurrencies tracked by CoinMarketCap rose to more than $2.2 trillion.
Polkadot, on the other hand, remained in a tight range as interest in the Ethereum rival faded. This happened as the DeFi industry total value locked soared to more than $55 billion. This industry is currently dominated by Ethereum-build projects. Still, it is unclear why the Polkadot price failed to impress.
Polkadot price prediction
In my last week’s Polkadot price forecast, I warned that bulls had a lot of work to do. True to that, they have struggled to retest the all-time high at $46.03. It is still caught between the support and resistance channel at between $39 and $46.30. It is also slightly above the 25-day and 50-day moving average (MA) while the Relative Strength Index (RSI) is slightly below the overbought level at 70.
Therefore, as I wrote last week, bulls still have a long way to go. In the near term, the forecast is for the DOT price to rise to $44.60, which is along the upper side of the ascending channel. There is also a possibility that it will retest the lower side of this channel at $40.
DOT price chart
