Polkadot price cracks $10, but a correction is in the horizon

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.

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.

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 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.

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.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.