Polkadot price to shed 10% after DOT bulls no show

Polkadot price slides 2% lower on Friday.
Several elements that were expected to bring some bullish moves have not materialized in DOT.
Expect to see a fade now that could bear a 10% loss by the US closing bell this Friday.

Polkadot (DOT) price sees a binary shift in sentiment this Friday as bulls throw in the towel. With the big Gaming Developers Conference (GDC) ending on Friday, no real victories or important headlines have emerged. Big expectations were that altcoins would come on the front foot and would see their price action explode to the upside, which is clearly not the case and is sending price action lower now.

Polkadot price set to tank as hopes for a higher evaluation evaporate

Polkadot price is down for this Friday and is breaching important support near $6.23. With that breach, the big figure at $6 now comes into focus, where bears are likely to enter en masse. The decline comes as price action in DOT got jacked up ahead of the GDC, which was supposed to bring a whole new tailwind for altcoins.

DOT is reversing that now as with the last day set to take place in the GDC, and until now no big headlines or deals have been reported. This means that the amount of gains were over-projected against the outcome at hand, and a correction is the next result. Expect support to wave in around $5.75 as the next support that could halt this decline, although a full unwind of the profits could see Polkadot price near $5.31.

DOT/USD 4-H chart

Once the disappointment has settled, bulls could see the opportunity to buy some DOT at a discount. This would mean that support at $6 would hold and could quickly send the price action back up. A break above the 55-day SMA at $6.40 could see Polkadot price form a double top at $6.72 at the monthly pivot.

Share: Cryptos feed

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.

Join Telegram