Key Insights:
- Polkadot price has formed a double-bottom pattern on the daily chart.
- Hydration, a key part of Polkadot’s ecosystem, has gained millions in assets.
- Polkadot’s staking yield has jumped to 11.8%, helping to offset its crash.
The crashing Polkadot price has formed a rare chart pattern. It could lead to a strong rebound in the triple digits in the coming weeks or months.
DOT price dropped to $3.45 on Friday, July 4, down by 70% from its November 2024 high and 35% from its highest level in May.
Polkadot Price Technical Pattern Signals a Potential Rebound
The daily chart shows that the Polkadot crypto price has been in a strong downtrend since November last year. This crash has coincided with the ongoing crypto market sell-off.
On the positive side, it has formed a double-bottom pattern at $3.20, its lowest level in April and May this year. Its neckline is at $5.36, its highest level in May…
