The post Polkadot’s make or break moment at $7: Road to $30 in sight? appeared on BitcoinEthereumNews.com.

Market sentiment around the token looked bearish.  Derivatives metrics hinted at a possible price rise soon.  Polkadot [DOT] bled a substantial amount of its market capitalization last week as its value dropped in double digits. However, there was more to the story. Investors might soon witness a major comeback from DOT as the token was testing a critical support zone.  Polkadot at a crossroad! CoinMarketCap’s data revealed that DOT experienced an over 17% price drop last week. At the time of writing, the token was trading at $7.08 with a market cap of over $10 billion. In the meantime, World Of Charts, a popular crypto analyst, posted a tweet revealing what DOT was up to. As per the tweet, DOT had already bounced from a critical trading zone and was testing a support. A successful retest of the support could initiate a new bull rally, which can send DOT to new highs. According to the tweet, the analyst expects a bull rally towards $30 in the mid-term.  Is a successful test possible, or will DOT fall further? AMBCrypto’s analysis found that while the token’s price fell victim to a major correction, its weighted sentiment dropped after spiking on the 18th of December. A decline in the metric indicates rising bearish sentiment around a token in the market. In fact, its social volume spiked during the downtrend, suggesting that investors were talking about Polkadot.  Source: Santiment Nonetheless, one of Polkadot’s derivatives metrics looked optimistic, hinting at a successful test of the aforementioned support. As per Coinglass’ data, DOT’s long/short ratio increased in the 4-hour timeframe. This clearly meant that there were more long positions in the market than short positions—a sign of a steady increase of bullish sentiment around Polkadot. Notably, while the derivatives metric hinted at a successful test, the…

---

Filed under: News - @ December 22, 2024 8:07 am