– The bear market wave is slowing down in the case of Polkadot.
– DOT lost more than 40% of its value last week.
– Polkadot is awaiting a potential sponsorship deal with FC Barcelona.
Polkadot has been one of the best-known altcoins, reaching a peak of $55 in November 2021. Today it ranks as the eleventh-largest cryptocurrency with a market capitalization of approximately $18,344,821,245.
The past weeks have been difficult for the entire crypto market, and Polkadot was one of the main victims of the recent downturn. Since its November high, DOT has declined by more than 70% and fell to around $16 on January 22nd.
Despite this, DOT managed to hold around $19, forming a flag pattern as bulls attempt to push back against strong bearish pressure.
Source – TradingView
The weekly chart clearly shows a strongly bearish market. That trend may continue, particularly given recent hawkish statements from central banks around the world about interest rates and persistent inflation concerns. The next key support level sits near $10; a decisive break below that level could deter supporters of the Polkadot blockchain and significantly erode the coin’s value.
On the positive side, FC Barcelona has reportedly considered Polkadot as a potential official jersey sponsor. Barcelona’s current sleeve sponsor is Rakuten, the Japanese e-commerce company, and that agreement expires in July 2022. Securing a jersey sponsorship with Barcelona would greatly raise Polkadot’s public profile, increase awareness of its blockchain network, and potentially boost adoption and trust.
Cryptocurrencies have already achieved major sports sponsorships in recent years. Exchanges and crypto firms have partnered with prominent leagues and teams—for example, FTX signed with Major League Baseball and Coinbase reached an agreement with the National Basketball Association (NBA).