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Most cryptocurrencies have not managed to reverse the trend of the past 24 hours. Most of the cryptocurrencies in the top 50 list are trading in the red zone because of a recession reported in the last 24 hours. Polkadot, one of the most scalable platforms in the crypto sector, has been in a recession during this period after making double-digit dips.
Polkadot is trading at $27.89 at the time of writing after a 12.9% dip in 24 hours.
Polkadot Price Analysis
Currently, market support is weak, which means that DOT could be headed to even steeper downtrends. However, despite the losses made in the past 24 hours, most coins are still highly attributed to the recent market bulls.
If the current dip continues, we could see DOT heading towards lower levels of $26. If DOT tests this support level and market bulls fail to kick in, the coin could proceed towards $24 and $22 levels. If the coin dips below $20, it could trigger support from traders who want to buy during the dip; hence at this point, we could see major gains come into play.
On the other hand, the current bearish trend could reverse, in which case we could see the upper resistance level of $28 being retested, after which the coin could make its uptrend towards higher levels at $30 and beyond.
Polkadot is one of the scalable networks in the crypto sector, and it is for this reason, the coin has risen up the ranks to become the eighth largest crypto in terms of market capitalization.
Polkadot is expected to launch the parachains auction in the coming weeks, and this is one of the strategies that the blockchain is taking to achieve higher scalability. Market analysts expect the prices of DOT to climb during this period, just like the prices did during the last parachains auction.
Where to Buy Polkadot
If you want to buy DOT during the current dip, you can create a cryptocurrency exchange account on the following platforms:
eToro is one of the popular exchange platforms. At eToro, new traders have a chance of making better profits because it supports a copy-trading feature. eToro also supports a wide range of cryptocurrencies and trading pairs.
You can buy DOT from Binance. Binance is the largest exchange platform, and it supports a wide range of cryptocurrencies. Binance’s trading fees are low, and it supports user-friendly features.
Looking to buy or trade Crypto now? Invest at eToro!
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