Polkadot price has been on a downtrend for about a month. Notably, the trend is similar to that of other cryptocurrencies including Bitcoin. Altcoins such as Dogecoin and Ripple are also on a similar path.
Polkadot price prediction
DOT has been on a decline since it hit its all-time high in early November. Over a span of one month, the altcoin has dropped by 45.64%. The formation of a month-long descending channel points to further losses in the ensuing sessions.
At the time of writing, Polkadot price was up by 6.17% at 29.92. It has been on a rebound since Monday when it hit a three-month low at 24.85. On a four-hour chart, it is trading along the 25-day EMA and below the 50-day EMA.
Based on both the fundamentals and technicals, I expect the cryptocurrency to remain under pressure in the ensuing sessions. For as long as it remains below the long term 200-day EMA, the bears will remain in control. From this perspective, the bulls need to push Polkadot price to and above the prior support level of 37.77 for a trend reversal to be apparent.
In the immediate term, the crypto will likely hover around the 25-day EMA at around 30.00. As such, it may remain within a range of between the support level of 28.00 and 50-day EMA at 32.05. Below the horizontal channel’s lower border, a decline to 24.00 is likely. On the flip side, the bulls may manage to push the price to 36.00 before pulling back to the aforementioned range.