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Polkadot (DOT) has weakened from $11.89 to $5.80 since March 14, 2024, and the current price stands at $7.20.

Positive information is that over the past 24 hours, DOT has seen a trading volume of $454 million which is quite impressive but investors should keep in mind that the overall situation in the cryptocurrency market plays an important role in DOT’s price trajectory.

A close above $8 will be the first sign of strength for DOT that could attract further buying, pushing the cryptocurrency toward $9. On the other side, if the price turns lower from $7, it will indicate that the sentiment remains negative which increases the risk of a break below $6. But where is Polkadot’s (DOT) price going next, and what can we expect from June 2024?

Today, Crypto Lists will discuss Polkadot (DOT) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Polkadot could become a sponsor of Inter Miami

Polkadot is an open-source project that enables cross-blockchain transfers of any type of data or asset, not just tokens. The primary objective of Polkadot is to tackle the prevalent challenges in numerous blockchain networks, such as issues related to scalability, security, and interoperability.

Polkadot enables a fully decentralized internet where users retain complete control over their identity and data. It is important to mention that Polkadot can seamlessly adapt to advancements without requiring hard forks as new technologies emerge.

Another valuable feature of Polkadot is its ability to enable users to create their own blockchains on top of the main Polkadot blockchain, and because of this, Polkadot is often called a “blockchain of blockchains.” Polkadot holds a significant position in the blockchain sphere, boasting a strong ecosystem and an expanding community and many crypto analysts agree that this project has a bright future.

The positive news is that Polkadot could become the official sponsor of Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The proposal, approved by Polkadot’s Open Gov community, requested 968,000 DOT (approximately $6.5 million) to secure the sponsorship.

While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase. For example, Inter Miami intends to improve user experience by introducing engaging non-fungible tokens (NFTs) and other gamified experiences on Polkadot’s parachains.

Additionally, the football club plans to explore how Polkadot-based solutions can be implemented at Inter Miami to enhance efficiency and boost fan engagement initiatives. Although the specifics of the potential deal are confidential, the proposal prioritizes transparency. Therefore, the funds will be stored in a multi-signature wallet, requiring community approval for access.

DOT remains under pressure

Though Polkadot continues to enhance its network and strike more deals, DOT price remains under pressure. The last several weeks have been very negative for DOT, and the price of this crypto lost nearly 40% of its value since March 14, 2024. The decline in the DOT’s price is attributable to the consistent decrease in demand over the past few weeks and with fewer traders active in the market, the market becomes less liquid, putting bearish pressure on the asset’s price.

However, the positive information is that over the past 24 hours, DOT has seen a trading volume of $454 million which is quite impressive. It is also important to say that even though a period since March 14, 2024, was negative, Polkadot’s price performance over the past year has been notably bullish, with a 35% increase.

The Fear & Greed Index, a widely used tool for assessing market sentiment in the cryptocurrency sector, currently shows a score of 75 (Greed) for Polkadot. This high score reflects strong investor interest and confidence in DOT, indicating that market participants are optimistic about its future prospects.

In the weeks to come, Polkadot (DOT) will also remain significantly influenced by the general situation in the cryptocurrency and hence, engaging in investments related to DOT demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures before committing to any investments within this sphere.

Technical analysis for Pokadot (DOT)

Polkadot (DOT) has weakened from $11.89 to $5.80 since March 14, 2024, and the current price stands at $7.20. Polkadot (DOT) might have a hard time holding above the $7 level in the upcoming days, and a break below this level would indicate that DOT could test again the price level at $6.

Technical analysis for Pokadot (DOT)

Important support & resistance levels for Pokadot (DOT)

Important support & resistance levels for Pokadot (DOT)

On this chart (the period from December 2023), I marked important support and resistance levels that can help traders understand where the price could move. DOT currently remains under pressure, but if the price advances above $8, the next target could be an important resistance level at $9. The current support level is $7, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $6.50. If the price drops below $6, which represents an important support level, the next target could be located around $5.50.

What speaks for the rise in the Pokadot (DOT) price

Polkadot holds a significant position in the blockchain sphere, boasting a strong ecosystem and an expanding community of developers and users. The positive news is that Polkadot could become the official sponsor of Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. A recent increase in the trading volume for DOT is also something that could drive the price higher and if the price advances above $8, the next target could be resistance at $9.

What indicates the downfall of Pokadot (DOT)

The downfall of polkadot (DOT) can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors to sell DOT if some negative news happens in the cryptocurrency market and because of this, investing in DOT involves a significant degree of unpredictability and substantial risk. Before investing in Polkadot (DOT), it’s crucial to do your research, understand the risks, and consider your investment goals and risk tolerance.

What do analysts and experts say?

Polkadot holds a significant position in the blockchain sphere and crypto analysts agree that Polkadot continues to enhance its network and strike more deals which could propel prices higher in the upcoming weeks. The last several weeks have been very negative for DOT but over the past 24 hours, DOT has seen a trading volume of $454 million which is quite impressive. The positive news is that Polkadot could become the official sponsor of Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The proposal, approved by Polkadot’s Open Gov community, requested 968,000 DOT (approximately $6.5 million) to secure the sponsorship. On the other side, some cautious cryptocurrency analysts believe that Bitcoin may face a downturn in the coming weeks and when Bitcoin’s price falls, it often negatively impacts the value of Polkadot and other cryptocurrencies across the market.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

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