Exhaustion of trading volume !!!
The Polkadot price rally, which gained bullish momentum under the new Parachain Governance Framework, is now plummeting dramatically. The DOT price is down more than 17% from its highs from the previous days and is still falling at the time of writing.
Additionally, trading volume appears to be easing and as a result the price is not gaining enough pressure to continue the bull rally. Currently, it is mandatory for the bulls to enter the ring and maintain the price by injecting a decent amount of liquidity. Otherwise, the price could fall further below USD 30, as predicted by an analyst TOP AIM STOCKS.
Analysts say the current pullback can be minimized on the arrival of bulls, likely around $ 28.6. Another analyst, Altcoin Sherpa, believes the current level may be lower than expected, despite the fact that DOT price is bullish for all of 2021.
Also Read: Popular Analyst Predicts Giant Polkadot Bull Run! DOT price ready to reach $ 100
Polkadot Price Analysis, Will It Reach $ 100?
The $ 40 mark is very important to the Polkadot price as the path to $ 100 would be without any obstacles when it is released. However, the price failed to crush the strong resistance levels and moved in the direction of the bearish trend.
Before that, $ 39.60 was key levels to activate bullish divergence, which has now dropped to $ 30. Unfortunately, if these levels are not maintained, the jump can therefore be sped up and revisit lower levels.
At the time of writing, the Polkadot price is $ 33.29 with a massive 11.8% drop in the past 24 hours.
- Polkadot Price’s resistance level is at $ 39
- The support level is at $ 30
- The indicators for the DOT price are currently neutral
Also Read: Ethereum Slayer Polkadot Price May Smash $ 350 Effortlessly Predicts An Analyst!