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What is Polkadot (DOT) Doing Right Now?
Polkadot (DOT) has had a few rough weeks, and its price seems to be dropping day after day. Right now, DOT seems to be moving sideways on the 4-hour charts, and despite having broken out of the triangle pattern, its price has barely gone up.
Polkadot (DOT) is moving towards a key level of support of $14.60 right now, and if it fails to hold it, a 10% drop is imminent.
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Polkadot (DOT): What Can We Expect?
Polkadot (DOT) has been moving sideways for a few days now, and many believe that a breakout is imminent. However, with unpredictable patterns and low buying volumes, it is hard to believe that DOT’s worst days are over.
The price of the asset is now moving towards key support at $14.60, and if it does not hold there, we might witness a 10% drop in the price towards the $13.30 mark.
Once the price drops to the key level at $13.30, there are two different scenarios that can play out.
Scenario# 1
In our first scenario, the drop towards $13.30 will trigger a massive sell-off, and we might see a move towards the $10 mark. This would be a great opportunity to buy if the bull market sustains. Otherwise, it could also be an indication that the bear market has finally begun.
Regardless of the market trend, buying DOT around $10 is a steal.
Scenario# 2
According to our second scenario, we could see a nice bounce off the $13.30 region, and the price will rocket towards the $16.58 price mark.
However, it is very much likely that it would not be a momentum shift but a false reversal. The price could also drop dramatically as soon as it hits the target at $16.58 to all the way down to $10.
Conclusion: Is Polkadot (DOT) still bearish?
According to the charts, DOT is moving sideways for quite a while now, and it is only a matter of time till it changes its direction downwards.
The trading volumes for DOT are quite low, and the only recent spike we have seen in the volume was a big sell-off. That is why Polkadot (DOT) is still bearish in the short run and could offer you a good entry at the $13.31 mark or the $10 level in the near future.
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