After setting a new all-time high of $54 in October of 2021, Polkadot’s valuation has been in a free fall, currently trading at a shade over $18. Despite shaving off two thirds of its valuation, multiple market indicators are flashing that a bottom for DOT may be in sight.
Financial markets have been on a roller coaster ride over the past several months with holdings have escaped unscathed, yet Cardano (ADA) seems to have been hit harder than the overall crypto market, dropping out of the top five cryptocurrencies in relation to market cap. ADA went on an impressive run to close out 2021, reaching highs of just below $3.00 before losing several critical support levels due to the potential for upcoming policy shifts, the Ukrainian-Russian conflict, and market wide uncertainties before bottoming out at $0.84, which it is currently trading at.
After a short reprieve over the weekend, cryptocurrencies continued their dramatic and prolonged slide on Monday, culminating in bitcoin losing nearly half of its value since it hit record highs last November.