Polkadot (DOT) has been bearish ever since the establishment of its all-time high. However, the bearish momentum has slowed down in the recent timeframes. Although Polkadot is still moving downwards, it appears to be entering a consolidation phase with decreased bearish divergence. At the time of writing, Polkadot stands at a price level of $12.12. The price has stayed relatively stable in the daily timeframe with only a slight decrease of 3%. The daily trading volume has also decreased by 6%.
Polkadot (DOT) technical analysis
The market outlook for the cryptocurrency continues to be bearish. Out of the total twenty-six technical indicators, fifteen are giving out a bearish indication of sell with nine standing at a neutral position and only two indications at buy. The oscillators have turned neutral while the moving averages continue to be strongly bearish.
Polkadot (DOT) had formed a confluence of its up and down trend. In the shorter timeframes, the cryptocurrency is trying to reach upwards although the bears still dominate the market and upward trajectories cannot be sustained. If the current somewhat consolidation period results in the dominance of bulls, the immediate resistance levels will lie at the price level of $12.57 followed by $13.01. However, it is more likely for the cryptocurrency to continue moving downwards. The price level at $10.44 will act as a strong support level for the cryptocurrency.
Polkadot long-term price prediction
Although the cryptocurrency is bearish in the shorter timeframes, Polkadot focuses on the interoperability of blockchains – a proposition that is becoming more and more relevant to the blockchain space – which may result in a price explosion of Polkadot in the longer timeframes. The long-term price projections are; hence, bullish for Polkadot. Per the estimates of Wallet Investor, the one-year price prediction for Polkadot is at $56. Digital Coin Price predicts the same price level of $56 for Polkadot but for the year 2028.
