Polkadot (DOT) price has been performing very well for the past few weeks. After a 34% drop from its February highs, DOT crypto has had a more than 25% price surge. At the time of writing, the price is retesting a key trendline that must be held for further bullish price action.
On Wednesday, crypto markets turned red as Bitcoin price fell below $29,000. The pioneering cryptocurrency failed to gain strength above the key level of $30,000 flash crashed at the start of its London session. This also triggered a sell-off in altcoins, and Polkadot price was down 6.5% till press time.
Stellar Bridges Stablecoins To Polkadot
According to recent Polkadot news, the specialist crypto payment network and fiat on-ramp, Stellar, is linking itself to Polkadot and Kusama via the newly built Spacewalk bridge. The bridge has been built by the Polkadot parachain winner Pendulum and aims to connect the dapps with forex markets in emerging economies.
As per the data from DeFi Llama, the Acala network is the biggest parachain on Polkdot in terms of the total locked value (TVL). The parachain currently boasts $53.84 million, which had a 12.81% increase in the past 24 hrs. Moonbeam and Parallel Finance are the other two major parachains with $42.44M and $41.6M TVL.
Polkadot Price Retests Trendline
Technical analysis of DOT crypto shows a key trendline which price has respected many times. During today’s flash crash, the price pierced through this trendline but didn’t close below it. Polkadot price prediction will turn very bearish if the price closes a 4H candle below this line.
In that case, I expect the price to drop to the $5.73 level, which is the next major support. If this doesn’t hold, then the next stop could be the March low of $5.15, which lies 20% below the current price.
I’ll keep sharing my updated price outlook on Polkadot & other digital assets in my free Telegram group, which you’re welcome to join.
