Polkadot Pulls Back From Support Level, Will It Hit Next Resistance Or Support Level?
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Since the beginning of the year, the crypto market is experiencing a bearish run disappointing the traders and investors. It’s been a hectic couple of months for big investors as they didn’t witness any huge gains. Similar to other mainstream cryptocurrencies, Polkadot also had been experiencing a bearish trend. However, DOT has now begun to recover from its support level and investors will have queries whether DOT will hit $28 soon.
But if DOT takes the wrong way, then it would completely fall down, breaking below its support level to $15. Thus, the price action is in an oscillated state where it also experiences fear of reaching a lower support level. At the time of writing, DOT was trading at $18w.29 which is 11.35% up in the last 24-hours. Moreover, DOT holds 12th position in the crypto industry by market capitalization.
DOT’s Time Frame
After the fall from the $50 zone, DOT holds its trading action around $17 as a support level. According to DOT’s time frame, it is notable that the cryptocurrency had a quick transition from bear to bull run. Despite the current uptrend, DOT needs to upsurge more for hitting a strong bullish phase in the next term.
Though the price action was experiencing a long bear run, it has started with an upward momentum which caused investors to expect a strong surge. Furthermore, the trading pattern is in a crucial state where the next phase of the uptrend will be determined with the volume. Significantly, the current purchasing volume uplifts the price value, while sellers, on the other hand, are still seeking an ideal moment to sell.
Additionally, if the upward channel maintains then it may drag to hit $28. When DOT crosses these levels then it holds a long-term bullish run. But if DOT fails to clear these levels then it may fall down to $15 again. However, this could be one of the finest times to buy the asset, as a massive influx of liquidity is predicted. As a result, despite the potential slump, the DOT price remains optimistic in the longer term.
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