June is panning out to be another aggressively bearish month for Polkadot price, with the latest data showing the crypto has dropped by 10 per cent. The strong push to the downside also extends the past two months, where Polkadot’s price dropped by 32 per cent in April and 28 per cent in May. The price has also dropped by 64 per cent year-to-date.
Polkadot Price Prediction
Despite the continued Polkadot struggle in the markets, today’s trading session is up by 3 per cent. The prices are also looking aggressively bullish, and there is a high likelihood of the prices closing even higher. Today’s trading session has also wiped out yesterday’s losses and is looking likely to set a new three-day price high once it hits the $9.5 price level.
However, looking at the chart below, the prices have struggled to establish a trend. Since May 19, the prices have traded sideways within the support and resistance levels of $9.2 and $10.7, respectively. Polkadot has also failed to establish a consistent market trend. In instances where prices have pushed below the support level, the prices have quickly recovered and retraced back to the support and resistance price levels.
Therefore, my Polkadot price prediction expects the prices to hit the $10.7 resistance level. With prices having recently hit the $9.2 support level and briefly traded below the level, I expect the price to make its way inside the support and resistance level market structure and move towards the $10.7 resistance level. If the prices exceed the $10.7 resistance level, a new bullish trend will have been established.
However, failure to break out of the resistance level to the upside will signal a continuation of the current sideways market. However, if today’s trading session prices reverse and close below the $9.00 (today’s opening price) price level, then my bullish analysis will be invalidated. It will also likely mean another push to the downside with a possible $7.4 price level.