Polkadot Price Analysis: DOT Could Rise Higher As Parachain Launch Event Looms
Today’s Polkadot price analysis looks at the recent DOT/USD price action and a possibility of a rebound as the Polkadot community awaits the launch of parachains on the Polkadot ecosystem. Polkadot (DOT) has been trading sideways between the $25.70 support wall and the $31.65 resistance since the December 04 crypto market flash crash.
Parachain Launch To Catalyse the Polkadot Price
Polkadot is trading in the red at $28 below the $30 psychological level. The DOT/USD price action suggests that the asset has completed a V-shaped top correction as seen on the daily chart. The completion of this correction goes in tandem with the sideways price correction that has kept the price below $31 since December 04.
A break out above the $31.65 level could see Polkadot price higher as bulls target to take it back to all-time highs above $55.
Bulls believe that this optimistic outlook is possible as Polkadot’s parachain launch event that is supposed to take place on December 18 is expected to boost DOT price. The first five parachain slot winners are expected to their projects in the Polkadot ecosystem during the event.
Efinity, the cross-chain NFT platform, is at the moment close to winning the fifth slot auction. The results will be declared on December 16, 2021.
The parachain token is considered by analysists to be a blue-chip cryptocurrency, and is considered as a long-term potential if it surges in the near future.
DOT/USD Daily Chart
DOT is among the few coins among the top 10 that have gained over the last 24 hours. It is up 2.47% as is expected to rise even higher.
Looking Over The Fence
On the flip side, things may go awry for Polkadot bulls and it may drop below the end of the V-topped correction at $25.70. If this happens, deeper corrections might be seen as DOT price may fall to find solace at the $20 support floor.
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