Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	406,700,762,126	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

406,700,762,126

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	15.43	0.46%	3,384.97	3,384.96	3,384.97

Price Change

Price Change %

Current Price

Bid Price

Offer

15.43

0.46%

3,384.97

3,384.96

3,384.97

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,391.21	3,359.23	3,367.41	3,369.54	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,391.21

3,359.23

3,367.41

3,369.54

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:31:56	0.015964	3,384.97	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:31:56

0.015964

3,384.97

USD

Price x Volume	Volume	Base Symbol	Related Pairs
84,700,147.05	25,096.86	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

84,700,147.05

25,096.86

Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears

14/06/2024 2:30pm

NEWSBTC

Polkadot (DOT), the self-proclaimed “King of Interoperability” and once a darling of 2021’s bull run, is currently trading around $6.42, a far cry from its November 2021 peak of nearly $60. A flicker of optimism about DOT remains despite the general bearish outlook, as technical analysis points to a potential price turnaround in the horizon. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Falling Wedge Hints At Bullish Breakout Technical analysts are a breed known for their fascination with squiggly lines and cryptic patterns. However, for some Polkadot investors, these lines might hold the key to future gains. Enter the “falling wedge,” a bullish reversal pattern identified by prominent analyst WorldOfCharts on DOT’s 12-hour timeframe. $Dot Forming Falling Wedge Incase Of Successful Breakout Expecting Move Towards 11-12$ In Coming Days #crypto #Dot #Polkadot pic.twitter.com/VymXK89QN0 — World Of Charts (@WorldOfCharts1) June 12, 2024 This pattern, characterized by converging downward trend lines, suggests a weakening of the downward momentum, potentially leading to a price surge upwards. The point of convergence for these lines acts as a critical juncture, where a successful breakout could propel DOT’s price towards the much-desired $11-12 range. DOT Price At A Glance Polkadot (DOT) currently holds the 14th rank in the cryptocurrency market. With a circulating supply of approximately $10.87 billion DOT and a market cap of 1.44 billion DOT, its value has increased by $0.06 in the past 24 hours. Over the last 7 days, DOT has risen by 16%, reflecting strong upward momentum and potential for investment. In the past month, DOT has seen a 1.83% increase, adding $0.14 to its value, indicating a promising outlook for potential future growth as a stable asset in the cryptocurrency market. Fibonacci Retracement: A Golden Opportunity? Another analyst throws their hat into the bullish ring, identifying a potential trade opportunity for DOT. LongtermX, who is known for their Fibonacci-focused predictions, highlights a possible 44% upswing for DOT, targeting the 0.618 Fibonacci retracement level at roughly $9.50. This level represents a significant resistance point, but if DOT can break free from its current price range, it could signal a significant shift in momentum. Beyond The Charts It’s important to remember that Polkadot’s potential extends beyond the realm of technical indicators and price predictions. As the “King of Interoperability,” Polkadot boasts a unique architecture that allows different blockchains to communicate seamlessly. This interoperability is a game-changer in the fragmented world of blockchain technology, potentially enabling the creation of a truly interconnected Web3 ecosystem. Related Reading: Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity – Report Meanwhile, recent developments within the Polkadot ecosystem further bolster its long-term prospects. The successful implementation of Asynchronous Backing marks a significant step towards Polkadot 2.0, a major upgrade promising increased scalability and security. Additionally, Polkadot’s innovative community-driven sponsorship of IndyCar driver Conor Daly showcases the project’s commitment to unconventional marketing strategies. Featured image from MAYK, chart from TradingView

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