Polkadot (DOT/USD) price is up 20% from its monthly lows and is having another good day. On Thursday, DOT crypto bounced off the 200-day moving average and was trading at $6.19 till press time. This meant a price increase of 2.33% till the start of the London session.
Despite the recent surge, Polkadot crypto is still 21% down from its YTD high of $7.88. For the past few weeks, money has been flowing into Bitcoin from other cryptocurrencies. This has led to a surge in Bitcoin dominance which is now at its highest level in the last ten months.
Encode x Polkadot Spring Hackathon 2023
Polkadot, in partnership with Encode Club, is hosting a hackathon to accelerate developmental activity on its blockchain. The 4-week event will start on 11th April, and the deadline for the submissions will be 7th May. The winners will be awarded prizes during a ceremony that will be held on 17th May. The event may also affect Polkadot price in the next few weeks.
As per the latest Polkadot news, a newly built bridge known as Spacewalk has slinked Stellar to Polkadot. Stellar is one of the most developed fiat on-ramps ecosystems in crypto, which has a global footprint. Spacewalk bridge has been developed by the winner of the latest parachain auction winner Pendulum.
Polkadot Price Retests Key Support
The DOT/USD chart shows a lower low on the daily timeframe, which means that the bears are gaining strength. The last hope for the bulls is the 200-day moving average that currently lies at $6. At the moment, DOT crypto is retesting this key moving average on the daily chart. A breakdown below the 200-day moving average will make Polkadot price prediction very bearish.
In case of a breakdown, DOT may get some support from the March low of $5.15. Any break below this level will take the price toward its December low of $4.22. To avoid this bearish outlook, the price needs to break above the February high of $7.9.