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.
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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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
