Polkadot price cracks $10, but a correction is in the horizon
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In our last article, we mentioned the potential of Polkadot hitting $10 if bulls could manage to push it above a critical support level at $9. Buyers

  • Polkadot price has cracked $10 again after regaining crucial support level.
  • The digital asset aims for more, but might need to see a pullback first.
  • Polkadot price has cracked $10 again after regaining crucial support level.
  • Polkadot price has cracked $10 again after regaining crucial support level.
  • The digital asset aims for more, but might need to see a pullback first.
  • The digital asset aims for more, but might need to see a pullback first.

    In our last article, we mentioned the potential of Polkadot hitting $10 if bulls could manage to push it above a critical support level at $9. Buyers succeeded and drove Polkadot price up to $10.66.

    Polkadot price at risk of a short-term pullback

    Despite the massive 30% breakout in the past 24 hours, some indicators have turned bearish for Polkadot. The TD Sequential indicator has presented a sell signal on the 30-minutes chart and it’s close to doing the same on the 1-hour chart. 

    indicators

    dot price

    dot pricedot price

    DOT sell signals

    DOT sell signals

    Additionally, Polkadot has experienced a significant spike in social volume which can often lead to corrections. The social volume metric measures the number of mentions of the coin on more than 1,000 social media channels. 

    dot price

    dot pricedot price

    DOT Social Volume

    DOT Social Volume

    Nonetheless, the digital asset has defended a crucial support level on the daily chart in the form of the 26-EMA. The only resistance level left is located at $10.20 which has been tested several times in the past.

    chart

    dot price

    dot pricedot price

    DOT/USD daily chart

    DOT/USD daily chart

    A breakout above $10.20 can quickly drive Polkadot price towards $11 as there is practically no resistance on the way up.

    From: FXSTREET