polkadot. wooden cubes with the inscription polkadot on the background of the distributed defi network
Polkadot price has resumed its strong bearish trend in today’s trading session, after closing the markets with a percentage gain yesterday. The crypto is also poised to hit and set a new price low today, or in the next few trading sessions.
Today’s drop in the price of the Polkadot is not surprising. In June, the crypto lost 32 per cent of its value. This is despite the month starting strongly and showing signs of a recovery following the 28 per cent drop in May. Instead, June saw two aggressive bearish moves: one early in the month, when the cryptocurrency dropped 36 per cent in 12 days, and the most recent, which resulted in a 20 per cent drop in 7 days.
Looking at the bigger picture, year-to-date data also offers us insight into the performance of Polkadot, with data showing a 74 per cent drop. Compared to other cryptocurrencies such as Bitcoin and Ethereum, Polkadot has performed relatively worse.
Based on the Polkadot price history analysis above, the current trend of the cryptocurrency is still a strong bearish trend. Today, the prices have dropped by 4 percent, which sets the stage for what I expect to be a strong bearish market.
I expect the prices to continue falling throughout the month. There is a high likelihood that we will see prices trading below the $5 price level in the next few trading sessions. Looking at the chart below, there is also a high likelihood of Polkadot setting a new price low in the next few weeks. This analysis is based on price history analysis, where Polkadot’s price has dropped by 87 per cent since hitting its all-time price high on November 4, 2021. Today, trading at only a $6 price level, it will not take a lot of effort to drop below the all-time price low of $2.59, set two years ago.
However, if the cryptocurrency markets recover, my analysis will be invalidated. It will also mean a possible recovery.
This post was last modified on Jul 01, 2022, 15:42 BST 15:42