Polkadot (DOT) price experienced a sharp sell-off last week. This occurred as the BTC price fell below the key psychological level of $25,000. Consequently, DOT crypto price is now trading 45% below its yearly high. The latest analysis reveals that Polkadot is retesting a key resistance on its chart.
On Thursday, crypto markets remained sideways as Bitcoin price was trying to break above $25,500 level. The pioneering cryptocurrency broke below $25k last week and is currently in the midst of a recovery. Till press time, Polkadot price was down 0.82% as DOT changed hands at $4.33.
According to recent Polkadot news, the project is hosting a hackathon in Copenhagen this month. The exciting bounties for the Polkadot Decoded x Encode Club hackathon were recently revealed via Twitter. The event will be held from 28-29 June.
As per the data from DeFi Llama, the Moonbeam is the biggest parachain on Polkdot in terms of the total locked value (TVL). The parachain currently boasts $42.2 million. Astar and Acala are the other two major parachains with $23.5M and $22M TVL.
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Technical analysis of DOT crypto shows that the price fell to $4.20 last week which is the lowest level since November 2022. Polkadot price prediction will turn very bearish if the price closes a daily candle below this key support level. Currently, bulls are holding this level but a lot depends on BTC price action.
There is a strong possibility of a bounce from the current level as the Money Flow Index (MFI) is showing a bullish divergence and the Relative Strength Index (RSI) is in oversold condition. In case of a rebound, bulls may target $5.2 in the short term.
This post was last modified on Jun 16, 2023, 14:45 BST 14:45