Our previous Polkadot price prediction is playing out exactly as predicted. As suggested in our last article, DOT crypto price immediately surged after reclaiming the $7.50 level, which was acting as a resistance. Price is now trading at $8.68, after tagging the highs of $9.20 on the weekend.
Polkadot coin is still 84% down from its November 2021 all-time high of $55. The coin has been in a severe downtrend since the start of the year, losing almost 68% of its value. Nevertheless, the price has found strong support at $6.50 level and bounced off multiple times from the region.
According to Polkadot news today, the Unique NFT Chain parachain has launched the Punks for the People campaign. The users of NFT parachain of the Polkadot can now get a ‘fractionalized’ share of Crypto Punk.
Many analysts have dubbed the platform as one of the most promising layer 1 blockchains. However, Polkadot price has failed to meet all the hype due to very low activity on the network. The ongoing bearish price action of BTC has further intensified the downtrend.
Polkadot Price Prediction
Technical analysis of the DOT USD price chart shows a clear breakout of the downtrend and a strong bounce from $6.5 daily. Nevertheless, the price has printed 7 consecutive green candles on a 1D chart and hence might be due for a retracement. In case of a pullback, $8.21 and $7.60 appear valid targets for buying. If the BTC price doesn’t retract, then the bullish price action of DOT is likely to continue.
Therefore, a Polkadot price prediction of $9.66 seems to be valid for the short term. However, there should be a tight stop loss below the $6.5 level. A breach of this critical support level might trigger another bearish leg. It is also very important to pay attention to Bitcoin price action.