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Polkadot Price prediction: Are we in a Bear Trend Reversal?

After trading sideways for almost a week, Polkadot’s price looked set to start another push to the upside. However, the push would have seen it hit the $10 price level.

However, in the past three trading sessions, it looks like Polkadot sideways market is over. Instead of the aggressive bullish trend that seemed like the most likely step for the crypto, the prices have traded downwards. This has seen it drop by over 10 percent. 

Today, the bearish trend of the past three days is likely to continue despite early morning hours showing a strong push to the upside that resulted in prices going up by 2 percent. At press time, Polkadot is already down by a percentage point. It is also looking likely that the current push to the downside will continue throughout the session.

Polkadot Price Prediction

With the push to the downside looking likely to continue throughout the session, consideration of whether the current downward push is a price reversal or a price correction. Since the bearish trend started, the prices have dropped by 10 percent. However, as of now, the drop cannot be termed a price reversal because the drop has not been large enough. The long-term trend is also to the upside and has lasted for more than a month. 

Therefore, my Polkadot price prediction expects the prices to continue dropping for the next few trading sessions. However, my analysis also recognizes that we are still in a bull market. Unless the price drops below $7.7, which is a 20 percent drop, the trend, the current push to the downside, will continue being a correction.

My long-term analysis expects the prices to resume with an upward trend and break the recently set price high of $9.67. A drop below $7.7 will, however, invalidate my bullish analysis. It will indicate a price reversal with a possible strong push to the downside.

Polkadot Daily Chart