DOT Bulls are very busy

The Speckle Price is bouncing back after tumbling nearly 20% in the past two days. The DOT price is trading at $ 40.97, almost 10% above yesterday’s low of $ 37.85. Its market capitalization is slightly below Cardano’s at $ 38 billion.

Polkadot News: Polkadot has been in the headlines lately as more developers chose the blockchain network for its speed, cost, and stability. On Wednesday, Tether announced that it would launch its USDT stablecoins on the Polkadot and Kusama network. The organization has not disclosed the date when this will happen.

Similarly, KwikSwap, a new decentralized exchange (DEX), announced it was launching the first cross-chain network on Polkadot and Ethereum. According to CoinTelegraph, the open interest on Polkadot futures has now risen to $ 1 billion, which is a sign that demand is rising.

Polkadot price also fell due to the general weakness in the industry as demands for more regulation increased and US Treasury bond yields rose.

Polkadot price prediction

On the four-hour chart, we can see that the DOT price formed a double-top pattern at its all-time high of $ 46. The clipping of this pattern was $ 40.7, which it also exceeded in the overnight session. In technical analysis, a double top pattern is usually a bearish sign. This means the bulls have more work to do to make sure the price continues to rise.

Therefore, in my view, if the bulls manage to break above the double top at $ 46.30, the uptrend in polkadot price will continue. There is also the possibility that the current rally is a dead cat that occurs when the price is about to fall.

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