Polkadot price currently testing crucial support levels could propel upwards if a strong rebound makes its way out
The price needs to surge another 10% to enter a good-buy zone which could also validate an uptrend
Polkadot price is trending within lower levels since the price experienced a steep downfall in the second half of June. The price fell from $25 to as low as $12 in just a week recording yet another 50% loss after the mid-may crash. However, many expected the DOT price to slide down below $10, yet it successfully sustained above the levels.
Interestingly, the price was about to break out from the range pattern, which it was trading for the past couple of weeks. However, with the uptrend the price was about to enter the buy-zone, yet failed to surpass the levels. And a fresh plunge in the early trading hours dragged the price close to $15.
The trading volume is also considerably high but due to the mounting selling pressure. The previous day trade witnessed a decent buying, which flipped into a sell offlet. The price is constantly flipping within the bulls and the bears, which is seen in most of the cryptocurrencies. And hence the epoch of uncertainty still prevails.
Many times, the DOT price attempted to surge above the narrow trend yet failed. And thus these short-lived uptrends cannot be validated as a bull rally. Therefore if a trader wishes to enter the trade for DOT price, he needs to wait until certain levels are achieved and sustained. A popular analyst sets his buy time at $17.20 and probably the move towards support flipped resistance levels at $19.427 would be the crucial one.
On the whole, most of the coins including Polkadot price have lost their bullish trend since the beginning of the present-day trade. However, after a slight pullback, the DOT price could regain its lost position. Therefore, $17.2 levels could be a better buy zone and a breakout above $20 may validate a bull run.