DOT Could Drop Another 30% as Bearish Onslaught Continues -Breaking
- Over the past 24 hours, (DOT’s) price has fallen.
- The last few weeks have seen a bearish cycle in DOT.
- Technical chart patterns on the weekly suggest that the price of DOT may fall by 30% more than its current level.
According to CoinMarketCap, Polkadot’s (DOT) price has fallen over the last 24 hour according to its crypto market tracker.
As of the writing of this post, Polkadot’s price is at $8.84. That is approximately 4.08% more than the previous day. The 24-hour price movement has also added to DOT’s slump in price over the last seven days as the coin finds its price down by almost 6%.
Ranked number 11 on CoinMarketCap’s list of the biggest crypto projects by market cap, the current market cap of DOT is approximately $8.72 billion. This places it higher than Wrapped (WBTC), at $8.02Billion market cap, and lower (DOGE), at $10.12B market cap.
For DOT, there is more downward movement (Source: CoinMarketCap).
Check out the weekly chart for USDT/DOT. DOT’s recent bearish cycles have seen its price fall from about $23 to around $8.84. It represents a drop of approximately 61% over the same period.
A descending triangle is now visible on the weekly chart for USDT/DOT. It dips below $10, the key price level. Although the price of DOT appears to be trying to break through the bearish triangle chart pattern, it will face a huge hurdle in challenging the $10 mark with its next weekly candle.
If the price for DOT fails to breakout of the bearish triangle pattern chart pattern, then we might see DOT’s price drop to $5.88. It would then drop by 33.48%.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. The information contained in this article shouldn’t be taken as investment advice. CQ recommends that all users do their research on cryptocurrency before making any investment.