Polkadot Price Prediction: A $3.50 DOT in 2023

Polkadot Price Prediction A $3.50 DOT in 2023

In Short

  • Polkadot price is facing significant resistance near the mid $6.00 zone.
  • DOT shows an influx of volume throughout the current declining trend.
  • Invalidation of the bearish thesis is a breach above $8.00.

Polkadot might be headed for s sweep-the-lows event targeting $3.50 if market conditions persist.

Polkadot price shows weakness

Polkadot price might already be on its way to a jaw-dropping 50% decline.  During the month of September, DOT, the innovative smart contract and gaming token, witnessed a  23% decline. An influx of volume was spotted during down days that was larger than the previous countertrend rally.

The indicator may be suggesting that the uptrend’s move is just a corrective structure as opposed to the start of a new bull run.  

Polkadot price currently auctions at $6.35 as the bulls are finding resistance from both the 8-day exponential and 21-day simple moving averages. Investors should be on the lookout as the indicators may produce a bearish death cross if market conditions persist. If the cross occurs, a liquidation towards the $3.50 liquidity level dating back to 2020 stands a high chance of occurring. 

Such a decline would result in a 40% decrease from the current market value

DOT USDT 12-Hour Chart
DOT USDT 12-Hour Chart

The Relative Strength Index compounds the bearish idea as bearish divergences are subtly displayed within the current price range. The bull’s failure to retrace 50% of the current downswing is also a key proponent confounding an upcoming sell-off.  A bullish spike will be needed to reset the divergence, or the downfall will be imminent.

Invalidation of the bearish thesis can occur if the bulls reconquer the $8.00 swing high produced on September 12th. If the breach occurs, an additional hike towards $10 could occur, resulting in an 85% increase from the current Polkadot price.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.