bullish

Polkadot

when

<p>The post <a href="https://coinpedia.org/news/why-is-the-polkadot-price-dropping/">Polkadot (DOT) Price Predictions: 2x Bull Rally Incoming?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://markets.coinpedia.org/polkadot-new/">Polkadot (DOT)</a>, known for its innovation in the crypto world, is facing a rough patch as its price falls from $11.80 in March to its current level, marking a 50% drop. Even though a recent protocol upgrade aimed to boost its functionality and scalability, technical analysis suggests DOT’s price might drop another 13% soon.</p> 
<p>Fascinating – but scary. Here’s everything you should know. </p> 
<h2 class="wp-block-heading" id="h-demand-takes-a-plunge">Demand Takes a Plunge </h2> 
<p><a href="https://coinpedia.org/news/why-polkadot-will-die-in-2-years-here-are-the-major-reasons/" target="_blank" rel="noreferrer noopener">Polkadot (DOT)</a>, the leading Layer-0 blockchain, is facing a drop in demand this July, with activity on its Relay Chain and parachains expected to hit their lowest levels this year. This decrease is causing DOT’s price to hover in a narrow range, showing signs of increasing selling pressure.</p> 
<p>Even though DOT has fallen by 2.8% in the past 24 hours to about $5.68, the network’s on-chain activity remains strong. The number of daily holders has reached a record high of 1.3 million, with 321 new users joining recently.</p> 
<p><strong>On-Chain Data </strong></p> 
<p>According to <a href="https://polkadot.subscan.io/" target="_blank" rel="noreferrer noopener nofollow">Polkadot Subscan</a>, the daily active users have also increased by 19.21%, and on-chain volume has reached a record high.&nbsp;</p> 
<p>Furthermore, data from <a href="https://coinalyze.net/polkadot/long-short-ratio/" target="_blank" rel="noreferrer noopener nofollow">Coinalyze shows</a> that open interest is relatively low, with only a slight increase of 0.12% in the past day. Nevertheless, the Long/Short ratio stands at 2.83, meaning that 73.86% of traders are optimistic and betting on a price increase. This indicates that while the market is currently cautious, there is still a potential for a rebound in the future.</p> 
<h2 class="wp-block-heading" id="h-experts-say-it-s-a-mixed-forecast">Experts Say – It’s a Mixed Forecast! </h2> 
<p>Analyst Captain Faibik remains hopeful about Polkadot, noting that DOT is in a falling wedge pattern, which often signals potential price increases. He suggests this might be a good opportunity for investors to buy before a possible breakout, predicting a potential 2x surge in DOT’s price.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOT</a> is Consolidating within a falling Wedge Pattern.<br><br>Accumulate it for the midterm before it's too late.<br><br>Expecting 2x Bullish rally after the Wedge breakout. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Polkadot?src=hash&amp;ref_src=twsrc%5Etfw">#Polkadot</a> <a href="https://twitter.com/hashtag/DOT?src=hash&amp;ref_src=twsrc%5Etfw">#DOT</a> <a href="https://t.co/Y82Zhf4NXH">pic.twitter.com/Y82Zhf4NXH</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1817825218989322308?ref_src=twsrc%5Etfw">July 29, 2024</a>
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<p>Similarly, crypto analyst Steve Courtney points out that Polkadot has support above $5.70, which could lead to an upward movement. The Stochastic Relative Strength Index (SRSI) supports this potential rise, although resistance might still be a factor.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> ALERT! <a href="https://twitter.com/hashtag/POLKADOT?src=hash&amp;ref_src=twsrc%5Etfw">#POLKADOT</a> Update! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/DOT?src=hash&amp;ref_src=twsrc%5Etfw">#DOT</a> gains support above $5.70 this week and the <a href="https://twitter.com/hashtag/SRSI?src=hash&amp;ref_src=twsrc%5Etfw">#SRSI</a> suggests an upward spike, but watch the slow blue line. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9d0.png" alt="🧐" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Is this <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a> set to reclaim its momentum and #21 SMA throne? <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f451.png" alt="👑" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Like &amp; RT – Bull <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>Comment – Unsure <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/jhr3IB9ywh">pic.twitter.com/jhr3IB9ywh</a></p>— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) <a href="https://twitter.com/CryptoCrewU/status/1817515390198497612?ref_src=twsrc%5Etfw">July 28, 2024</a>
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<p>Currently, Polkadot is trading at $5.34, down 2.7% in the last 24 hours. Its trading volume is $148.26 million, and its market cap stands at $7.87 billion.</p> 
<p>This situation highlights the volatility and potential opportunities within the Polkadot ecosystem, with varied expert opinions offering a detailed view of its future prospects.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/crypto-news-today-fomc-holds-rates-steady-bitcoin-and-ethereum-price-decline/" target="_blank" rel="noreferrer noopener">Crypto News Today: Bitcoin, Ethereum Brace for Volatility as Fed Maintains Rates</a></p> 
<p><strong>While the current price action may be disheartening, the underlying strength of the Polkadot network could be a catalyst for a significant turnaround.</strong></p>

Polkadot (DOT) Price Predictions: 2x Bull Rally Incoming?

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