Market Concerns for Polkadot (DOT)
The cryptocurrency market is buzzing with concern as Polkadot (DOT) continues to exhibit one of the most bearish charts in the space, according to a recent post by More Crypto Online on X. The chart, shared on October 30, highlights a troubling trend for DOT, with the token potentially failing to complete wave c of its corrective wave 2. Priced at $2.994 with a 4.48% drop over the last four hours on Coinbase, DOT’s trajectory suggests a prolonged bearish phase, echoing broader market sentiments.
DOT price trades at $2.994, risking a breakdown toward $2.86 support.
Chart analysis signals wave c failure and a prolonged bearish phase.
Critical Support at $2.86 and Price Forecasts
The chart reveals key support and resistance levels, with marked zones indicating potential price drops. The current price hovers near the $2.86 support level, with previous declines showing a 40.22% drop from higher resistance zones.
$DOT might not even give us wave c of 2. It remains one of the most bearish charts out there. pic.twitter.com/V1xvgTMwzR
— More Crypto Online (@Morecryptoonl) October 30, 2025
Analysts point to a lack of momentum, with the token underperforming compared to the global crypto market, which saw a milder 2.70% decline over the past week. Community reactions on X range from skepticism about DOT’s tokenomics to outright pessimism, with some likening its performance to a “trash” asset.
What to Watch: Polkadot 2.0 and Institutional Interest
Despite the gloom, Polkadot’s technological foundation—its interoperability and upcoming Polkadot 2.0 upgrades slated for December 2025—remains a beacon of hope. Polkadot 2.0 upgrades in December offer long-term hope amid pessimism.
However, the market’s current sentiment suggests that technical prowess alone may not suffice without renewed demand. Investors are advised to watch the $3.03 support level closely; a break below could signal further declines, while a rebound above $3.49 might hint at a reversal. The crypto winter deepens, DOT’s fate hinges on broader market trends and institutional interest. For now, the chart serves as a stark reminder of the volatility inherent in the space, urging caution among holders.