- Polkadot price has been consolidating consistently over the past month, posting losses.
- Total value locked in the Polkadot network plunged 78% within a month, alongside dropping prices.
- Analysts believe Polkadot could recover from the downtrend and make a comeback.
Polkadot price (DOT) has posted consistent losses for a month. Analysts argue that the Ethereum-killer could recover from the downtrend. Though total value locked in the Polkadot network plunged, analysts believe that DOT price could make a comeback.
Polkadot price could break out of the downtrend
Polkadot price has posted 8% losses over the past two weeks. Proponents believe Polkadot price could recover from losses and break out of its downtrend.
Lease Period 7 has begun, and several parachains have connected to Polkadot's relay chain.
Composable, Efinity, Nodle, Centrifuge, Interlay and HydraDX are connected to the relay chain.
Interestingly, based on recent research, Polkadot has the lowest carbon footprint among PoS protocols, using the equivalent energy of 6.6 US households per year. This is driving the Ethereum-killer's adoption among users.
Several metaverse projects are live on the Polkadot network, driving DOT demand and adoption higher. Despite a 78% drop in total value locked on the Polkadot network over the past month, analysts are bullish on the altcoin's recovery. Analysts have predicted a comeback in the Ethereum-killer's price trend.
Technical indicators suggest a positive outlook on Polkadot price. Polkadot price is above the 50-day simple moving average, fueling a bullish narrative among investors.
FXStreet analysts have predicted that the Polkadot price could return to $10.50. They argue that the Polkadot price trend has remained unchanged. A reversal column has been on Polkadot's chart for over four months now, and analysts are waiting on the pattern to play out.
Analysts have set the price target at $100 through the vertical method and believe that the setup indicates an upcoming trend reversal.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?