More On: polkadot
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Polka Dot, Cosmos, and Gala Analysis on the 10th of March prices
Polkadot unable to hold above critical support, bulls concerned as DOT could fall 10%
After tumbling fiercely and declining since November 2021, the polkadot price has finally found a stable support level to rest on. A retest of this level is expected to result in a sharp bounce, which will set off a new uptrend in a short period of time.
- Prices of polkadots are retesting the three-day demand zone, which spans $10.37 to $15.66, with the expectation of a bounce back upward.
- A quick run-up would enable the Department of Transportation to retest two obstacles - $15.97 and $22.23.
- The bullish thesis will be invalidated if the price closes decisively below $10.37.
The polkadot price is considering a reversal.
Polkadot's price has plummeted by 73 percent after reaching an all-time high of $53.50 on November 9, 2021, according to Bloomberg. This downswing has now reached the three-day demand zone, which spans the price range of $10.37 to $15.66 per ounce.
Because of this hurdle, investors might anticipate an immediate relief surge in the stock price of DOT. After gaining about 12 percent from its starting price, the altcoin will come up against the $18.01 resistance level.
It is critical to break through this roadblock in order to make a push for the $20 psychological level. It's possible that the Department of Transportation will establish a local cap in this situation. It is possible that if bulls band together, the uptrend will continue to $22.23, but this is not guaranteed.
This move would represent a 40 percent increase from the current position - $16 - and is expected to be the point at which the local top for Polkadot pricing will be formed.
If, on the other hand, the Polkadot price is unable to break out of the $10.37 to $15.66 demand zone, it will begin to seek lower prices. As long as the Department of Transportation (DOT) remains within this zone, the bullish prognosis will not be jeopardized.
A daily or three-day candlestick close below $10.37, on the other hand, will rule out the likelihood of a bullish view and imply that Polkadot price is likely to revisit $10.09 or the subsequent resistance level at $8.31 in the near term.
Video: Polkadot Today
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