Polkadot price prediction after the 52% meltdown

Polkadot price prediction after the 52% meltdown
фото показано с : invezz.com

2021-12-14 06:06

The Polkadot (DOT/USD) price has struggled in the past few weeks. The coin’s price is trading at $26.28, which is about 52% below the highest level in November this year. It is trading at the lowest level since September 29th.

Cryptocurrency sell-off

Polkadot is a leading blockchain project that was started by a former Ethereum co-founder known as Gavin Wood. It is relatively different from other cryptocurrencies like Ethereum and Solana.

For example, Polkadot has a little “cousin” known as Kusama. Kusama is a blockchain platform that acts as a launchpad for Polkadot projects. Before developers move their projects to Polkadot, it is mandatory that they launch them in Kusama first. 

The Polkadot price climbed sharply two months ago as investors waited for the so-called parachain auctions. These are auctions where developers raise capital in form of the DOT token by competing with other projects.

The price started falling immeditely the auctions started. This is a process known as buying the rumours and selling the news.

Polkadot price has remained under pressure since then because of the overall weakness of cryptocurrencies. Indeed, most cryptocurrencies like Bitcoin and Ethereum have declined by more than 30% from their all-time high. Consequently, these coins have lost more than $700 billion in value.

The decline is mostly because of profit-takig since cryptocurrencies have been relatively successful this year. Also, there are concerns about the Federal Reserve. The bank has hinted that it will accelerate the pace of tightening in the next few months. 

The Fed will start meeting today and deliver its decision on Wednesday. It will likely reduce the amount of money in its quantitative easing (QE) program and hint of possible rate hikes.

Polkadot price prediction

The daily chart shows that the Polkadot price has been under intense pressure in the past few weeks. It has crashed by more than 50% and moved below the 61.8% Fibonacci retracement level. The coin has also crashed below the 25-day and 50-day exponential moving averages (EMA).

Oscillators like the MACD have been in a descending trend. Therefore, the coin will likely keep falling as bears target the next key support level at $20. This view will be invalidated if the price manages to move above $30.

The post Polkadot price prediction after the 52% meltdown appeared first on Invezz.

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