The Polkadot price is on the verge of a major bearish breakout even as Bitcoin remains solidly above $32,000. The DOT price has dropped in the past four consecutive days and is trading at $13.47. This price is a few points above the June 22 low of $12.95.
Polkadot news. Polkadot is a relatively popular blockchain project that helps developers build decentralized applications. According to PolkaProjects, there are 470 projects built using the network, with the most popular being Polkadot, Kusama, Acala Network, ChainX, and Edgewhere. Developers love the Polkadot project because of its speed, ease of building, and its security.
However, recently, the Polkadot price has been under intense pressure as the volume of cryptocurrencies has dropped. Indeed, the overall volume of all both Polkadot and projects built using the network has dropped to the lowest level this year. Further, it seems like many people who lost money as cryptocurrency prices dropped are yet to come back.
While it all looks gloomy, there is one positive factor. For one, it seems like Bitcoin price has found substantial support at the $32,000 level. This is a sign that there are still buyers in the market. Therefore, if the BTC price rebounds, there is a possibility that other correlated coins will bounce back as well.
A closer look at Polkadot’s daily chart shows that it is currently at an important level of support. The price is at the lowest level in May and June. It has also moved below the short and longer-term moving averages and formed a descending triangle pattern.
Therefore, a break below this support provides a signal that the price will continue falling in the near term. If this happens, the next key level to watch will be the support at $10. On the flip side, a move above $15 will invalidate this trend.
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