The broader cryptocurrency market is currently in a bearish situation, with Bitcoin values dropping below $44000. Prices for the DOT have been trading sideways for the previous 12 hours, and are currently at $19.46. The market has changed from yesterday’s accumulation to today’s distribution, according to Polkadot pricing analysis
Over the last 12 hours, DOT prices have fluctuated between $19.25 and $20.55 as buyers and sellers hope for market stability. Prices for DOT have found good support at $19, which is expected to push the prices higher in the immediate term. The biggest resistance level for DOT prices, however, is $20.62, where prices have failed to break out many times in the last two days.
Will Polkadot Prices Plunge in the Short Term?
Polkadex, a crowd loan auction platform, is now holding a third wave of auctions for a Polkadot parachain. However, Kusama, Polkadot’s sibling business, is on the rise, with analysts citing $200 as KSM’s immediate resistance.
As a trading volume in DOTdrops, on-chain activity on the Polkadot network has decreased significantly. If Polkadex wins the auction, supporters expect crowd loan auctions will return to the Polkadot network. Polkadot’s adoption could be boosted as a result of this, resulting in more capital flowing into the altcoin’s blockchain network.
In the Polkadot price chain, analysts have detected a series of negative indicators. Bearish flags that appear frequently are an indication of an impending Polkadot price decline. Following bear flags, the price of Polkadot dropped below $20, initiating a downward trend in DOT. Once the Polkadot price falls below $19.85, analysts estimate a decline below $15.
There are two crucial levels in Polkadot’s trend: $19.85 and $22.78. The altcoin has a gloomy outlook, but the price of DOT must drop below $19.85 to confirm a downtrend.
Was this writing helpful?