The Polkadot price in recent times remained pretty much silent despite the massive launch of the Parachains after the auction. The asset, after smashing its highs above $50 in the past month, went on to go bearish to slash nearly 50% of its gains. However, the DOT price managed to sustain the trembled situation and quickly flipped to initiate the recovery.
Despite a notable bullish momentum building around the asset, yet the fear of substantial pullback still hovers around the price. Polkadot Price appears to be primed for a pullback that could drag the price below $28 yet again. And in such a case, the fear of a bearish yearly end of 2021 is haunting the rally.
Polkadot (DOT) Price Analysis
- The Polkadot price went parabolic since the beginning of December and smashed the monthly highs above $30
- The asset is currently encountering a slight pullback which can be seen as a slight correction or relaxation, before the next leg up
- Also, the chart so mentions the formation of the Cup, in Cup and handle pattern, which signifies a decent drop incoming shortly
- Adding to the substance, the asset in the daily time frame is about to encounter a Death cross, wherein the 50-day MA is about to cross the 200-day MA and move towards the south. And hence dragging the price by nearly 15% to 20%.
- Yet the asset could flip the downward trend very soon and attempt to close the yearly trade on a bullish note.
Overall Polkadot price, currently appears to be back on track and very soon may range above the crucial resistance levels at $39. The downward trend may be very short-lived, as the asset is possessing immense bullish momentum. Collectively, the DOT price is expected to kickstart the 2022 year with huge bullish momentum and attempt to surpass its ATH in the first few days of January 2022.
Also Read : Death Cross May Again Haunt The Bitcoin Price Rally, Nearly 25% Plunge Expected By 10 Jan 2022!