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    Polkadot price prediction as DOT charts send mixed signals

    • February 12, 2025
    • admin

    Polkadot price has crashed and formed a highly bearish pattern, pointing to more downside in the near term. DOT token has crashed by almost 60% from its highest swing in November last year. It is loitering near the lowest swing since November last year. So, what next for the Polkadot coin?

    Polkadot price analysis: death cross pattern forms

    The daily chart reveals that the Polkadot price peaked at $11.65 in December last year as most altcoins soared. It then slumped, and recently, formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. A death cross is often seen as the most bearish chart pattern in the market. 

    Polkadot price has also formed a bearish flag chart pattern. This pattern usually forms after an asset dives, and is characterized by a long vertical line and some consolidation. 

    Most notably, the token is nearing the key support level at $3.70, its lowest swing in August, September, and November last year. Therefore, a drop below that price will be a victory to DOT bears as it will point to more downside in the near term. More downside may see it crash to the next key support level at $3.00.

    On the flip side, a move above the resistance level at $6 will point to more gains ahead. This is a crucial level since it is along the 50 and 200-week Exponential Moving Average levels. A rebound above that price will boost the chance that Polkadot will bounce back to $11.6.

    DOT price is in an accumulation phase

    The weekly chart reveals that the DOT price has remained in a tight range in the past three years. It has remained between the key support at $3.70 and the resistance level at $11.65. It has constantly failed to break above these levels.

    For example, the Polkadot price failed to climb above that resistance in April and December last year. This prolonged consolidation could be a sign that the coin is in an accumulation phase of the Wyckoff Method.

    The Wyckoff Theory suggests that an asset goes through four key stages: accumulation, markup, distribution, and markup. A strong rebound above the key resistance at $11.65 will point to more gains as it will signal that it has entered the markup phase. 

    If this happens, the next level to watch will be at $30, the 50% retracement level that is about 510% above the current level.

    A drop below the support at $3.70 will be a sign that bears have prevailed and that it will continue falling. It will invalidate the Wyckoff Theory.

    DOT chart by TradingView

    Polkadot catalysts

    Polkadot price has several catalysts that may push its price higher in the coming months. The most notable of this catalyst is the Polkadot 2.0 update that introduced new features like async backing, agile coretime, and elastic scaling.

    Async baking reduced block times from 12 seconds to 6 seconds, while agile coretime allows dynamic core allocation for shorter durations through on-chain purchases. Elastic scaling enables projects to lease additional cores as needed.

    These features, together with the JAM upgrade will make Polkadot a real alternative to other layer-1 networks like Solana and Ethereum.

    The other potential catalysts for the Polkadot price will be the potential ETF approval by the Securities and Exchange Commission (SEC). While no DOT ETF has been applied so far, there is a likelihood that firms will apply for it. Besides, it is one of the biggest Made in USA coins in the crypto industry.

    The post Polkadot price prediction as DOT charts send mixed signals appeared first on Invezz


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      Popular Topics
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      • A new money order: Wall Street, tech titans embrace Stablecoins as regulation looms
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