Price Analysis

Polkadot Breaks Through the Descending Trend, Will Dot Price Hit $28 or Plunge Back to $15?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 26, 2022

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Highlights

    Polkadot price spikes like a monster gaining more than 30% from the past trading day and displaying huge possibility of surging above $25

    On the other hand, if the price stumbles a little a notable drain may drag the price to its previous levels

Polkadot ever since smashed its highs began trending in a deep bearish well. The constant formation of lower highs and lows kept up a decent strength within a descending trend. However, swinging within some of the pivot zones, the DOT price has now approached a decisive phase. With just a wrong move, the price is feared to hit the lower support. 

DOt price after a gigantic fall from the $50 levels held $17 support levels pretty strong for a notable time frame. Yet the recent economic turmoil caused by the conflict between Russia and Ukraine slashed the price below $15. Yet the asset adopted a quick recovery which ignited a notable uptrend. But despite a healthy rally, the price still needs to undergo a decisive phase that may determine the next movement.

Also Read: Which Will Enter the Top 5 Surpassing Cardano & XRP, Terra(LUNA) or Solana(SOL)?

As mentioned in the chart, the DOT price for a pretty long time is swinging within a descending channel. Currently, the price is testing the upper channel and experiencing a minor rejection. However, the price needs to test these levels and clear them in order to maintain a notable uptrend to hit $28. These levels are pretty crucial which determines the next plan of action depending on the volume accumulated. Currently, a decent buying volume has uplifted the price while sellers still await the right time to extract. 

Therefore, if the Polkadot price fails to clear these levels and gets rejected once again a notable drain may drag the price below $15 once again. However, there may be one of the best buying opportunities for the asset, where-in a huge influx of liquidity may be expected. And hence despite the probable downtrend, the DOT price remains bullish in the larger time frame. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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