The crypto market yet again is plunging very hard as the global market capitalization has dropped significantly by more than 12% over the last day. While Bitcoin’s market cap has dipped below $800 billion, the price keeps swinging around $42,000. As the market is predicted to drop until the day’s close, the Polkadot price is also expected to squeeze out its value to a larger extent.
While a healthy consolidation over the past week pointed out towards a significant breakout, the DOT price slipped heavily over time. The price kept no stones unturned to maintain its value above $20. Woefully the bears received immense strength overnight and quickly jumped in action. And despite a tough fight by the buyers, the bears seem to be poised to slash the price to a large extent.
Polkadot (DOT) Price Analysis
The DOT price is yet again on the verge of plunging hard much similar to the previous drop that occurred on 22 January. The price had plunged nearly 30% then and currently, the asset appears to have gone halfway. The support at $17.29 is pretty important as the price is expected to visit these levels amid the current downtrend. A notable flip may occur at these levels which may not be strong and hence the asset may fall into a consolidation phase.
On the contrary, the DOT price is manifesting an extreme bearish trend as the technicals go against the favour of the rally. A huge selling volume is been accumulated which may keep on dragging the price to the lower levels.
No doubt buyers may jump in every now and then yet they may just halt the downtrend but eventually fail to invalidate. Moreover, the long term forecast is notably bearish and hence regardless of the minor upward fluctuations, the asset may be primed to visit lower levels soon.