Price Analysis

This is When Polkadot May Stand Rim Above $20 Without a Fear of Plunge Yet Again!

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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Mar 3, 2022

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Highlights

    Polkadot is utilizing all its resources to slice through the $20 resistance area and secure its positions above firmly

    Yet another huge bearish case emerges which can drag the price to as low as $12 if the asset fails to keep up the bullish trajectory.

Polkadot, which once resided firmly within the top 10 assets, has recently taken an exit. As more promising and lucrative tokens like Terra(LUNA) have secured their place. The DOT price was comfortably trading around $30 at the beginning of 2022. However, a couple of pullbacks dragged the price too as low as $20.  And another bearish case does appear which can drag the price close to the $10 to $12 price range. 

Since the beginning of the year 2022, the crypto space has witnessed multiple setbacks. And these have hindered the price rally by constantly testing the strength of the asset. Presently, the price is swinging within a narrow range from the past fortnight. And hence manifest a possibility of either smashing $20 or plunging drastically to test the $12 in the next couple of days. 

Also Read: These Altcoins Failed to Fetch Profits Despite A Significant Bull Rally! What’s Next

The price zone around $18.51 is considered as one of the most pivotal zones for the Polkadot price. As the asset bounced off on either side hitting $24 and also testing the lower levels at $14. But each time the asset revisits these $18.51 levels which have turned these levels to be a very important zone as of now. The analyst believes that the DOT price may fall towards $12 levels only if it breaks the trend line.

However, the analyst also has let out a bullish case, wherein the Polkadot price may slice through these levels and secure $20 too. However, the upcoming price movement may be decided in the upcoming couple of hours. As the DOT price is swinging very close to the crucial price zone around $18,51. The market sentiments are also pretty sceptical and hence without undergoing a breakout, the asset may maintain a healthy consolidation. 

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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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