Polkadot trades at $1.71 near its 52-week low as JPMorgan’s potential crypto services signal a shift toward institutional participation. Despite the positive backdrop, DOT has largely tracked Bitcoin’s subdued momentum, with no Polkadot-specific catalysts this week. The price is testing critical support near $1.65 as traditional markets hit record highs, and broader risk-off sentiment persists.
DOT is trading below all major moving averages, with the current price well under the 20-day SMA at $1.92 and the 50-day SMA at $2.31. Technical indicators point to oversold conditions: Bollinger lower boundary at $1.58, an RSI around 31, and a MACD histogram of 0.0030, though a modest bullish divergence remains possible. A break below $1.65 could accelerate declines toward $1.50, while a sustained move above $1.81 (EMA12) could target the $1.92 resistance. Trading volume on Binance reached $13.6 million over 24 hours, suggesting limited institutional accumulation at current prices.
Bitcoin’s subdued trading has provided little directional help, and the correlation with BTC remains positive but without an upside catalyst. The surge in precious metals prices and stocks near record highs suggests capital may be flowing toward traditional safe havens, contributing to DOT’s weakness. A hold above $1.65 with Bitcoin strength could spark a bounce toward $1.85-$1.90, while failure to hold annual support opens the door to extended weakness toward $1.50-$1.55. Conservative traders may consider stops below $1.60 and account for the elevated 14-day ATR of $0.13, signaling continued volatility ahead.
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