The Polkadot price is back on the defensive after failing to clear resistance. Furthermore, if DOT loses the $13.62 support, it could halve in price.
DOT is largely unchanged this morning and trading at $14.81, higher by $0.065 (+0.45%). Although we haven’t seen much movement so far today, the price has lost 8.57% over the last seven sessions.
Polkadot’s market cap has fallen to just under $14.5 billion, which ranks it as the 9th largest crypto asset.
On the 22nd of this month, DOT traded below $13.00 for the first time since January. In the seven days that followed, the price bounced 32% before fading as it approached the $17.20 resistance offered by the 19th of May crypto crash low. Furthermore, a second attempt to clear $17.20 yesterday also failed. Therefore, it seems logical that the Polkadot price is heading back to its support at $13.64.
And if it does, the bulls better hope that it holds.
In my report on the 24th, I stated:
“DOT bounces from support, but doubts remain.”
And I think that’s still the case today. Polkadot has performed poorly, considering some recent bullish development. Furthermore, the entire market struggles to maintain a bid, and some altcoins are really starting to feel the pressure.
Even Ethereum’s recent strength is waning, and ETH may soon lose the $2,000 big figure, which could exert a downward force on DOT.
If DOT finishes the day below $13.62, the technical picture will look incredibly poor. There really isn’t much in the way of support on the daily time frame until $6.90-$7.45.
On that basis, I would consider $13.92 to be a critical price point for Polkadot.
On the upside, the clear horizontal resistance at $17.20 is the first barrier for Polkadot to overcome. Additional resistance is seen at $19.50, and following that, $26.25 becomes the next target.
For now, $13.62 looks the obvious next stop for Polkadot.
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