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.
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.
