Polkadot price has been in a tailspin since a rejection from its monthly highs of around $5.89. However, while the bears call it a trend reversal, this may very well be a healthy correction before the next rally.
On Thursday, DOT crypto price slid 1.39% as the Bitcoin price had another failed breakout attempt above $38,000 last night. As a result, most altcoins showed a bearish price action and DOT changed hands at $5.10 at press time.
DOT holders have been watching the recent bull run in the SOL price in despair as their beloved network failed to gain a similar influx of new capital. A major reason behind this underperformance seems to be the underdeveloped Polkadot ecosystem and a lack of adoption.
On the technical ground, the local bullish market structure still seems to be holding up, but it’s still too early to say that the Polkadot price prediction has flipped bullish yet. The reason is the recent rejection from the weekly swing highs around $5.80.
Nevertheless, a breakout above the following descending triangle pattern can propel DOT to very high price targets, including the much-awaited retest of $6. The invalidation will be a breakdown below $5.
This post was last modified on Nov 23, 2023, 19:37 GMT 19:37