Our Polkadot price prediction is not looking very bullish as the price retests the support after a failed rally. DOT crypto price surged to $8.08 as the crypto markets entered recovery mode. However, the price failed to gain momentum after the breakout and plummeted to $6.52 on Tuesday. At the time of writing, Polkadot is trading at $6.75 after gaining 2.4% within the last 24 hrs.
According to official Polkadot news, the project has become the diamond sponsor of the RustConf. As the name suggests, it will be a conference about the Rust programming language. The event will take place in August 2022, at Hyatt Regency Portland, OR. In other news, only 3 days are left in the ongoing parachain lease auction.
Polkadot has been one of the most hyped projects in the last year’s bull run. However, due to the slow development and lack of on-chain activity, its native asset DOT couldn’t perform well. Consequently, the coin is trading 87.7% below its ATH of $55, and our Polkadot price prediction is still bearish. As the Bitcoin price is still not out of hot waters, many analysts fear the worst is yet to come for the crypto markets.
Technical analysis of the DOT price chart shows a breakout of the downtrend, which failed due to a lack of momentum. There seems to be strong support at $6.52 which has now been tested quite a few times. Due to too many retests, the support seems to have weakened and might break on the next retest.
If the coin doesn’t reclaim the $7.5 level soon, Polkadot price might dip to new lows. This also depends on the outcome of today’s FOMC meeting. If Polkadot crypto reclaims the $7.5 level, the $9.8 could be a valid price prediction. On the other hand, a daily close below $6.5 would give bears enough momentum to target new lows. You can trade Polkadot and other altcoins on the crypto exchanges like Binance, Kucoin and BYBIT.
This post was last modified on Jul 27, 2022, 19:14 BST 19:14