- The price of Polkadot (DOT) has declined over the last 24 hours.
- DOT has had an extreme bearish cycle for the last several weeks.
- A technical chart pattern on the weekly suggests that the price of DOT may drop by another 30% from its current level.
According to the crypto market tracker, CoinMarketCap, the price of Polkadot (DOT) has declined over the last 24 hours.
At the time of writing, the price of Polkadot is around $8.84, which is 4.08% lower than it was yesterday. The 24-hour price movement has also added to DOT’s slump in price over the last seven days as the coin finds its price down by almost 6%.
Ranked number 11 on CoinMarketCap’s list of the biggest crypto projects by market cap, the current market cap of DOT is approximately $8.72 billion. This ranks it above Wrapped Bitcoin (WBTC), with a market cap of $8.02 billion, and below Dogecoin (DOGE), with a $10.12 billion market cap.
More downwards movement can be expected for DOT (Source: CoinMarketCap)
Looking at the weekly chart for DOT/USDT, DOT has had an extreme bearish cycle for the last several weeks that saw its price drop from around $23 to its current level of around $8.84. This is approximately a 61.5% drop over this period.
Now, a descending triangle has formed on the weekly chart for DOT/USDT, which dips below the key price level on the weekly chart of $10. The price of DOT does seem to be attempting to break out of the bearish triangle chart pattern but will still have a massive hurdle of challenging the $10 level with the next weekly candle.
Should the price of DOT fail to break out of the bearish triangle chart pattern, we could see the price of DOT drop to the next key level of $5.88. This would be a 33.48% further drop.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.