Price Analysis

Polkadot (DOT) Price Ready for a 25% Upswing, But Is It A Good Time To Buy?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 31, 2022

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Polkadot price is hovering along the crucial support levels from more than a week and this consolidation may trigger a leg-up very soon. Yet entering the DOT price deal currently could be little sceptical at the current time.

The DOT price fell down the cliff by more than 40% recently which dragged the price towards the crucial support levels around $16. Ever since then the asset just uplifted slightly and continued to consolidate just above it. 

On the other hand, the weekly support is just below the current price zone at $15 and revisiting these levels may attract the investors. Here’s when the DOT price could trigger for a notable upswing and with a strong bullish momentum the asset may head to test the next resistance close to $24.

And hence if the DOT price trembles down a little it would a good opportunity for the traders to open a long position with another pullback and book profits at 50-day MA.

The DOT price is expected to hover around the same levels for sometime more and finally undergo a notable upward trajectory. The rally may eventually go higher but in the worst case scenario if the bulls fail to uplift the price, then the lower support which is also a huge demand zone in between $10 to $12 may be tested.

A wick below these levels may be pretty brearish for the asset that may compel to create multiple lower lows invalidating the bullish theory. 

Collectively the Polkadot(DOT) price is currently showcasing both possibilities but the probability of going high is more. And hence after consolidating for some time more, one can expect a notable trend reversal soon. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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