• Polkadot price has defended a crucial support level at $15.5 and aims for a strong rebound.
  • The negative sentiment on social media is a bullish indicator.
  • The digital asset faces a strong resistance barrier of around $18.

Polkadot has been trading inside an ascending parallel channel on the 4-hour chart since January 16. The digital asset has just rebounded from a crucial support level at $15.5 and could be aiming for a long-term price target of $19.

Polkadot price bounces towards $19 as on-chain metric turns bullish

DOT bulls have just defended the channel's lower trendline support on the 4-hour chart, at $15.5. Polkadot price is up by 14% since touching $15.25 and faces very little resistance to the upside until $18. 

dot price

DOT/USD 4-hour chart

The Weighted Social Sentiment chart is currently negative for the past four days, which can usually translate into good buying opportunities. Similarly, when it’s positive and really high, Polkadot experiences pullbacks. 

dot price

Polkadot Weighted Social Sentiment Twitter chart

Additionally, the overall social volume that Polkadot has received in the past week has declined significantly. This is another indication of a potential rebound as the low social volume can often lead to significant pumps. 

dot price

Polkadot Social Volume

Nonetheless, the digital asset has some trouble climbing above the middle trendline of the parallel channel at $17.5. Rejection from this level can push Polkadot price down to the lower trendline at $15.5 again. 


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.

Recommended content


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP