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.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
