Polkadot was experiencing a bearish pull since November 2021 and in the month of February 2022, ADA dropped to a low of $14. But in March 2022 the bulls came back to control and this pushed Polkadot towards $23.21.
Currently, at the time of reporting, Polkadot has slightly plunged by 2.15% in the last 24hrs and is trading at $22.57. This downward trend points towards a bearish pull for Polkadot.
Polkadot To Drop AT $20 Mark!
As per InvestorsObserver, which uses a scoring system to assess an altcoin’s risk to the price drop, Polkadot is under low risk. This means Polkadot could see a downfall in the currency cycle.
Recently, Binance, one of the largest exchanges in the world by volume, opened a DOT/BDOT liquidity pool as support for Ethereum’s alternative Polkadot.
However, as per analysts’ evaluation, Polkadot is up for a bearish outlook and DOT could find support at $20.09. The Relative Strength Index (RSI) Indicator is at 42.14 which points toward a correction that could happen in the coming days. But as per the price trend, the Polkadot price could also move upwards.
On the other hand, We can expect Polkadot will be rejected just as it enters the $30 level. As per analysts, there is a double-top formation at $23.80. If DOT tests the $20.09 support level, the bears might pull the currency even below.
Meanwhile, the overall global market has dropped by 0.30% and is positioned at $2.15 trillion. This happens as the world’s largest cryptocurrency by market cap, Bitcoin drops by 0.95% over the last 24hrs trading at $45,971. However, if Bitcoin is hovering between $45,000 and $46,000 we can expect a bull run only above $46,000.
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Source: https://coinpedia.org/altcoin/polkadot-dot-price-to-hit-20-in-next-12-hours-this-is-what-traders-should-do/