Why price of Polkadot needs to crash prior to triggering the volatile rally

The price of Polkadot has shatter with support level of $15.97 and it is down with 11%. The DOT is possibly to slide almost 12% prior to retesting $10.37 to $12.93 set of the demand zone. The daily candlestick usually close below $10.37 that will also invalidate some kind of the bullish thesis. The price of Polkadot is in the tough spot subsequent to the breaching some kind of significant support level. Such kind of development will also trigger a descent one prior to finding the stable kind of support floor. Here, the DOT bulls will also make a comeback & will also trigger run-up.

Price of Polkadot going down

The price of Polkadot which is well formed with the double top at approximately $23.27 on 06th February 6 and on 11th April. As the next local top, DOT that is crash 40%, flipped with almost $15.97 of the support level in the resistance barrier and it is also recently hovering near to $14.89.
Moreover, the price of Polkadot also hovers in the no man’s land, as it is a great chance of the downtrend to continue. The demand zone of three-day demand also extends from $10.37 to $12.93 and it is the major support area when buyers of DOT will also make some kind of the comeback.
However, any kind of the premature run-ups will possibly face rejection at hurdle of $15.97.

Hence with the downswing of minimum of 12% is possible in days for the price of Polkadot. This will also retest said demand zone. Also, in few of the cases, sellers may also push the DOT deeper in the support area prior to getting exhaust.

Though, there are things that are looking up for the price of Polkadot, the daily candlestick that is close below demand zone that has lower limit for $10.37. It will also invalidate some bullish thesis through producing the quite lower low.

Author: admin