Since hitting a low of $23.95, Polkadot (DOT) has rebounded significantly. Polkadot is now trading at $28, with $1.4 billion in trading volume over the last 24 hours, after briefly approaching $30.
Polkadot is currently trading in the red, with a price of $28 below the psychological mark of $30. On the daily chart, the DOT/USD price movement implies that the asset has completed a V-shaped top correction. Over the last 24 hours, the Polkadot price has declined by 2.8 percent.
Polkadot’s exact bottom has been forecasted by analysts ahead of the parachain’s introduction on December 18, 2021. The event will see the first five parachain slot winners launch their projects in the Polkadot ecosystem.
Polkadot price could rise if it breaks out above $31.65 as bulls aim to push it back to all-time highs above $55.
On the other hand, the price may drop below the end of the V-topped correction at $25.70. If this occurs, the DOT price may fall to the $20 support floor, resulting in severe corrections.
Polkadot to Hit Bottom?
Cryptocurrency analysts on YouTube’s “The Art of Crypto” channel assessed the Polkadot price pattern and projected the altcoin’s exact bottom. Polkadot might hit its exact bottom in the order block from $17.7 to $11.45, according to the anonymous analyst. Polkadot is a blue-chip cryptocurrency, and analysts believe it has long-term potential if it continues its upward path.
Over the last week, the coin’s trading volume has declined 56%, while its global circulation supply has climbed 0.19 percent to over 1.06 billion. DOT is now ranking #9 in terms of market capitalization, with a value of 29.41 billion dollars.
At the time of writing, the Polkadot price analysis report favours the bears. The majority of technical indicators are negative, and price movement is currently downwards, while the RSI curve shows no momentum from either side.