Polkadot, which once resided firmly within the top 10 assets, has recently taken an exit. As more promising and lucrative tokens like Terra(LUNA) have secured their place. The DOT price was comfortably trading around $30 at the beginning of 2022. However, a couple of pullbacks dragged the price too as low as $20. And another bearish case does appear which can drag the price close to the $10 to $12 price range.
Since the beginning of the year 2022, the crypto space has witnessed multiple setbacks. And these have hindered the price rally by constantly testing the strength of the asset. Presently, the price is swinging within a narrow range from the past fortnight. And hence manifest a possibility of either smashing $20 or plunging drastically to test the $12 in the next couple of days.
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The price zone around $18.51 is considered as one of the most pivotal zones for the Polkadot price. As the asset bounced off on either side hitting $24 and also testing the lower levels at $14. But each time the asset revisits these $18.51 levels which have turned these levels to be a very important zone as of now. The analyst believes that the DOT price may fall towards $12 levels only if it breaks the trend line.
However, the analyst also has let out a bullish case, wherein the Polkadot price may slice through these levels and secure $20 too. However, the upcoming price movement may be decided in the upcoming couple of hours. As the DOT price is swinging very close to the crucial price zone around $18,51. The market sentiments are also pretty sceptical and hence without undergoing a breakout, the asset may maintain a healthy consolidation.
Source: https://coinpedia.org/price-analysis/this-is-when-polkadot-may-stand-above-20-without-fear-of-plunging-down/