Three reasons why Polkadot price could plunge to $15

Ethereum’s competitor, Polkadot price is at risk of collapse, as analysts identify bearish indicators in the altcoin’s chart. Analysts believe Polkadot price is on track for a further drop. 

Polkadot on track to drop further bearish indicators suggest

Polkadot price is on a downward trend, alongside other altcoins that suffered a drop. While metaverse tokens are climbing higher and exhibiting bullish momentum, Ethereum’s competitors like Polkadot are on a downtrend. 

An auction for a Polkadot parachain is currently on, with crowdloan auction platform Polkadex entering the third batch. However, Kusama, Polkadot’s sister chain is on an uptrend, and analysts have identified $200 as the immediate resistance for KSM. 

There is a significant drop in the on-chain activity on the Polkadot network as trade volume in DOTdrops. 

Proponents believe if Polkadex wins the auction, crowdloan auctions would be back on the Polkadot parachain. This could fuel the adoption of Polkadot, driving higher capital inflows to the altcoin’s blockchain network. 

Analysts have identified consecutive bearish flags in the Polkadot price chain. Consequent bearish flags are an indicator of the upcoming Polkadot price drop. Polkadot price plummeted below $20 following bear flags, igniting a descending trend in DOT. Analysts have predicted a drop to $15 once Polkadot price plunges below $19.85. 

@Trader_XO, a pseudonymous crypto analyst and trader, is watching two key levels on Polkadot’s trend, $19.85 and $22.78. The analyst has a bearish outlook on Polkadot, however to confirm a downtrend, DOT price needs to drop below $19.85. 

However, FXStreet analysts believe the Polkadot price is currently suffering a correction before climbing 45%.