Polkadot price is experiencing a massive price drop by shedding more than 11%.
The price is expected to sustain above certain levels to keep the bull run intact, else may slide down to more lower levels
Trading Volume Depleting!!!
The Polkadot price rally that gained a bullish momentum amid the new Parachain Governance Framework, is currently plunging drastically. The DOT price declined more than 17% compared to the previous days highs and continues to drain at the time of writing.
Moreover, the trading volume appears to have depleting and hence, the price is not gaining enough push which is required to continue with the bull rally. Currently, it is mandatory for the bulls to enter the ring and uphold the price by infusing a decent amount of liquidity. Else the price may further slip below $30 as predicted by an analyst TOP AIM STOCKS.
The analysts says that the current pullback can be minimized on the arrival of bulls probably around $28.6. Another analysts, Altcoin Sherpa, despite being bullish on DOT price for the entire 2021, believes that the current leg can go more lower than expected.
Polkadot Price Analysis, Will it Hit $100?
The $40 mark is very crucial for the polkadot price, as on clearance, the road towards $100 would be without barriers. However, the price failed to smash the strong resistance levels and flipped towards the bearish trend.
Earlier, $39.60 levels were key levels to activate the bullish divergence which has now reduced to $30. Therefore, if these levels are not sustained, woefully the plunge might get more accelerated and revisit lower levels.
At the time of writing, the Polkadot price is $33.29 with a massive plunge of 11.8% in the last 24 hours.
- The resistance levels of Polkadot Price stands at $39
- The support levels stands at $30
- The indicators for the DOT price are currently neutral