Polkadot technical analysis: Can buyers return after $3.6 low?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Market context

Polkadot has traded back into the lows of the previous cycle, which means any buyers that moved the price up during this cycle have essentially left the market. We're now back at base camp, and when compared to other assets in the market-particularly the high-performance alts and memes-Polkadot is relatively dead. In terms of mindshare, volume, and liquidity, none of the strength indicators we look for are present here.

Playbook

Polkadot isn't an asset we hold, and it's not part of our CPRO picks. With a return to the lows of $3.6, the same levels seen back in September 2020 and October 2023, this asset is not attractive from an investment standpoint. When compared to other assets in this cycle, Polkadot lacks appeal.

Key levels

• $3.6 (Lows from September 2020 and October 2023)

Cryptonary's take

There isn't much of a playbook for Polkadot at this point. We would put our attention elsewhere in the market, as other assets are performing far better. Polkadot simply doesn't offer the strength or potential needed for investment consideration right now.