Polkadot’s price has recently undergone a significant 33% decline triggered by news of the Iran-Israel conflict on April 14th. However, the price found support at the crucial 200-day moving average, suggesting a potential period of consolidation correction.
Polkadot Price Technical Analysis
By Shayan
The Daily Chart
A detailed review of the daily chart reveals a substantial downtrend, with Polkadot experiencing a 32% decline following the recent concerning news of Iran invading Israel on April 14th.
This plunge breached several critical support levels and triggered a significant long-squeeze event in the perpetual markets, resulting in the liquidation of numerous long positions.
In other words, the recent plunge triggered a cascade of sell-stop orders, intensifying selling activity in the market. Nonetheless, the DOT price ultimately found support at the crucial 200-day moving average, currently at $6.9, and exhibited a slight rebound.
The most likely outcome going forward is for the
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