Price Analysis

Polkadot Price Rebounds Well, DOT Price Primed for a 50% Upswing

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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Dec 8, 2021

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Highlights

    Polkadot price been falling into a deep well from past a month but rebounded well, approaching one of the strong support levels

    The asset may flip the bears and attain higher levels but the time frame may be extend beyond the year end

The crypto space is yet again falling apart as the price slash yet again and bottoming hard. While the Polkadot(DOT) price was approaching its highs, the bearish trap was awaiting ahead. The recent plunge, dropped more than 50% of the price which reach as low as $22 from more than $56. The price yet again rebounded hitting the support levels and attempting to range towards the resistance. Yet the DOT price needs to clear some mandatory levels to register a bullish yearly close. 

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The asset after going almost parabolic reached highs above $55 in a very short span of time However, the price took a reverse sweep to revisit lower levels. Yet before confirming with the downtrend, the asset just flipped. But instead of ranging high, the asset is again consolidating in the same region. It may be currently appearing bearish, but will the trend break through the consolidation and range towards its highs?

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Trading View

As mentioned earlier the price is following a substantial downtrend ever since it reached its highs. And hence, the asset is trending within a falling wedge. Currently, the asset is attempting to rise above the wedge and attain the immediate resistance levels around $38.5 initially. These levels are pretty important and mandatory to confirm with an uptrend. Moreover, the asset may get a wider push to rally towards the next levels around $45. 

The Polkadot price flipping the bears and surging towards the highs is pretty sure but reaching the highs may be pretty distinct and may happen somewhere in Q1 2022. And hence to end the yearly trade, the Polkadot price could range close to $40 if it breaks the consolidation in a coming couple of hours. Else if the accumulation continues, then it may hover just above the support levels for some more time. And eventually may drop below after undergoing immense exhaustion. 

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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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