The insane growth wave that buyers made from July 2021 began its correction. Without stop for a minute, buyers managed to raise the price by 225%. Entering the consolidation from which the DOT market crashed in May, buyers got ready to update the high.
By the way, the final target of our previous forecast has fully worked out. You can see the previous forecast of the DOT cryptocurrency by clicking on the picture:
Is the DOT correction over?
Remembering the wave of the cryptocurrency market fall in May, which cut off the power to the entire market for 3 months, the question arises – has the DOT cryptocurrency finished its fall? On the one hand, we see that buyers were fighting for their trend and did not allow the Polkadot price to fix below $25. However, protection is not enough to continue the upward trend. At the moment, buyers are trying to build a local growth wave. It will become clear at the $31 mark that the correction of the DOT cryptocurrency has ended. If you want to actively engage in crypto trading and you do not have enough knowledge and experience for profitable trading – join our trade marathon!
Local growth of DOT cryptocurrency looks weak
Analyzing the 4-hour timeframe in the DOT market, you can see that buyers are using average volumes for a local growth wave. So far, the price cannot confidently break away from the uptrend line and accelerate growth. This price behavior is more like a correction before the fall continuation. The critical point of real local growth is the $28 mark. Below this mark, sellers will again try to break $25. At the moment, the sequence of the DOT price movement between the $25-31 range is unimportant. It is important that the dynamics of growth testifies to the unwillingness of buyers to dominate the market at current prices. Thus, the main forecast for the DOT cryptocurrency for us is a continuation of the fall to $20.