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- 1 Polkadot crypto languished at the monthly lows after the recent price drop.
- 2 The DOT crypto price currently trades at $6.65, recording an intraday drop of 2.64%.
The Polkadot price is falling towards the $6 level on Monday, resuming the previous week’s fall. The DOT crypto fell by a little over 12% in the last couple of days but is still hanging above the support line at 6.50 level. This price level also marks the stop loss of the double bottom pattern observed over the past one month.
As observed on a 4-hour chart, the price has dropped below the key EMAs of 20, 50, and 200-day, signifying the domination of bears in the short term. Moreover, the current support has been tested several times due to which it might have turned weaker.
Earlier, the DOT crypto price reversed after it failed to surpass above $10 in the last week of December 2023. The price then fell sharply however got the buyers back near the $6.5 level and bounced back.
However, the buyers could not hold more at the upper levels and the price slumped again to the lower support zone.
Polkadot Crypto Price Technical Analysis
Moreover, the DOT crypto price witnessed a strong trend which was initiated in the last week of October 2023. The crypto price surged from a low of $4.3 to a peak value of $9.63 in the last week of December 2023.
Furthermore, the first three weeks of January 2024 have not turned out to be very fruitful for Polkadot as the price has been digging lower from the very start and has erased nearly 20% of its value in the past three weeks.
Currently, the price hovers near the recent support of $6.51, which is the recent swing low. The level might be the last defending zone for the buyers to keep the trend in their favor.
Fresh downside moves may appear if the DOT crypto breaks below the recent support and monthly low of $6.5 level.
The technical indicators show that the DOT crypto has smashed below the 20-day and 50-day EMAs and is headed to test the 200-day EMA. The breakdown below the 200-day EMA may indicate a trend reversal.
Polkadot Price Prediction January 2024
As per the most optimistic view of our analysts, the DOT price could reach a high of $7.80 by January end. The less optimistic view of the analysts hopes for a breakdown below the recent support of $6.50, after which the price may drop to a low of $6 and 5.80.
Polkadot Price Prediction 2024
The analysts have a wide range of price targets for 2024. The most optimistic view of analysts assumes the DOT crypto could attain a high of $9.98, suggesting a potential gain of over 52.18%. The lower price target for the crypto as per the analysts is $8.24.
Polkadot Price Prediction 2025
On the most bullish observation, Polkadot crypto could hit the high mark of $13.67 in 2025. On the flip side, the most pessimistic prediction of our analysts is the $10.31 mark.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
