• Polkadot price is at risk of a major correction as a key indicator presented a sell signal.
  • There isn’t a lot of support on the way down for DOT.
  • Nonetheless, the digital asset still aims for higher highs in the long-term.

Polkadot has once again established a new all-time high at $31.06 this time. The digital asset has exploded by almost 600% since December 23, 2020, reaching a massive market capitalization of $27 billion, close to Tether, which is currently ranked 3rd. 

Polkadot price will most likely see a correction before another leg up

On the daily chart, the TD Sequential indicator has just presented a sell signal right at the top. Polkadot price is poised for a healthy correction after a significant rally in the past two months.

dot price

DOT/USD daily chart

The nearest support level is around $24.5, which is the 127.2% Fibonacci level after Polkadot price topped out at the 161.8% point. DOT can slide as low as $20 if bears pick up enough momentum.

To invalidate the bearish outlook, DOT bulls will have to establish a daily candlestick close above the recent high at $31.06. The next potential price target for Polkadot is $36.5 which is the 200% Fib level on the way up.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan's Financial Services Agency has proposed a rule change to bring crypto assets under the jurisdiction of the Financial Instruments and Exchange Act. The proposal, to be reviewed on June 25, could pave the way for the listing of Bitcoin ETFs.

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin price stabilizes around $105,000 on Tuesday after a 4.33% gain on Monday, driven by easing geopolitical and regulatory concerns. Global risk appetite is increasing as the ceasefire between Iran and Israel, along with the Fed's softer stance on crypto-related banking, takes hold.

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Tensions in the Middle East have taken the backseat after US President Donald Trump announced a ceasefire between Israel and Iran on Monday. Global markets, including cryptocurrencies, ticked up, boosting BTC's recovery above $105,000 at the time of writing on Tuesday.

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network edges higher on Tuesday, holding above a crucial psychological and trendline support. The Pi Core team teases a potential Generative AI feature to be announced on Pi2Day, June 28.  

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP