As Bitcoin continues to recede, some participants in the ecosystem are playing along. Such is the case with the cryptocurrency Polkadot, which has been resting after a strong bullish rally that recently took it to all-time highs.
At the time of this writing, DOT is trading at $ 17.20, accumulating a substantial gain of 10.50% in the last 24 hours.
If you want to know where crypto is going next, stay and read this post.
Polkadot Cryptocurrency Rest Before New Momentum?
After an impressive bullish momentum it was totally normal for weeks like the last one and the one in development to come, where the DOT price has been resting with little volatility.
Now we see the price of this crypto resting on a support zone around $ 16. Here came the bulls to defend the previous trend.
On the weekly candle chart we see a clear medium-term trend, made up of increasingly higher lows and highs.
During the current week the price has been making what appears to be a correction. If this process stays above $ 16 it should end very soon.
The pullback as small as it is so far is not very healthy, but in this market where volatility prevails, it may be enough.
At the moment the odds are on the bullish side, and we may see the start of strong momentum in the next few hours / days.
Should we see a major correction?
From the weekly chart it looks like the little break Polkadot’s cryptocurrency has had over the past few days is not very healthy, but will we really see a further drop before a new push to the upside?
When we go down to the daily candlestick chart the behavior tells us that DOT could take off very soon, without the need to go further back.
With a clean succession of ever higher lows and highs, the bulls are in control of the short-term trend.
As long as the support zone around $ 16 is not crossed hard, Polkadot will have the odds on the upside, at least in the short term.
Today we are seeing an important bullish candle that could be marking the beginning of a new momentum capable of seeking new all-time highs.
Otherwise, if a break of the immediate support zone occurs, we will be seeing strong sales, which would take the Polkadot cryptocurrency towards a deeper retracement before setting new price records.
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