Most virtual coin trades lower after failing to reverse the bearishness that dominated the market over the last 24 hours. The past day’s negative price actions had most cryptocurrencies in the top-fifty trading in the red. That was due to the sudden losses that the market saw after El Salvador implemented the BTC law.
Polkadot witnessed massive losses after plunging by double-digits. While writing this content, Polkadot lost 12.9% since yesterday to hovers at $27.89.
Price Analysis
For now, digital assets trade in weak market support. That indicates that Polkadot might see further losses in the coming sessions. Meanwhile, most tokens appear stable regardless of yesterday’s crush. That is due to the recent bullish run that had most alternative assets attaining new highs.
If the current market crash continues, DOT might move lower to the price levels at $26. If the alt hits this support area and bulls fail to step up, the cryptocurrency might extend its price action down to $24, then $22. If DOT plunges beneath $20, it will provide the support that would trigger buying activities. If more traders buy this dip, DOT will register magnified gains.
However, the prevailing bearishness has chances to reverse. In such market conditions, DOT will climb to retest the top resistance at $28. Maximized buying activities at this point will propel the alt up toward the $30 level and above.
Polkadot boasts as far as scalability in the crypto space is concerned. That is among the reason behind the altcoin’s recent upsurge. At the moment, DOT ranks 8th in market capitalization. For now, the crypto community waits for Polkadot to launch a parachain auction in the weeks to come. The blockchain network targets to maximize its scalability with this event. That had market analysts trusting that DOT would enjoy new highs. Keep in mind that the token registered price upticks during its previous parachain auctions.
Where to Buy DOT?
Do you want to buy the DOT dip? Well, you may try these trading platforms:
- eToro
eToro is a popular cryptocurrency platform you will find in the crypto market. The platform has multiple features for newbies to maximize their profits.
- Binance
You can use Binance to invest in DOT. The platform supports multiple tradeable assets. Moreover, it has user-friendly trading tools and low fees.
