Polkadot price has moved beyond the normal range of a technical correction. It has moved as much as 31% below the most recent all-time high and continues to show strong selling. Polkadot price appears to have found some temporary support against the weekly Tenkan-Sen at $40. Sellers have pushed DOT below that level, but buyers have stepped in and returned Polkadot above that support level.

However, the broader cryptocurrency market remains very weak and Polkadot’s oscillators show that lower prices remain a high probability. Downside risks should be limited to the $32 value area. The 2021 Volume Point Of Control, weekly Kijun-Sen and weekly Senkou Span B share the $32 price level.

The first Parachain auction on Polkadot has ended. Acala network and Ethereum compatible smart contract platform optimized for DeFi. The protocol has emerged as a liquidity hub for DeFi with built-in finance applications.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

The combination of the most vital support level in the Ichimoku Kinko Hyo system (Senkou Span B) and one of the most potent technical support levels, the Volume Point Of Control, create the most robust support level on the weekly Polkadot price chart.

However, bears should be cautious about getting too greedy. The Tenkan-Sen has held as the primary Ichimoku support level for Polkadot price for the past fourteen weeks. Therefore, any downside outlook will be invalidated if buyers push DOT to a close at or above $46.Above the $46 price level, the Volume Profile becomes thinner, giving Polkadot price an easier time moving higher than it will moving lower.

Polkadot needs to break above ichimoku cloud

Nov 20 2021