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Polkadot rally failure poses serious downside risks

 


Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish and what happens next could either send the price sharply down or push it more decisively higher. Here are some notable facts:


DOT traded between $16 and $23 for most of the year


Right now, it is on the lower side of this range, priced around $17.3


A drop below $16 could prove disastrous for DOT bulls


Is Polkadot about to sell out?

As mentioned above, Polkadot has reached a make-or-break moment. The coin hovered between $16 and $23 for most of 2022. In fact, this range is becoming a long-term trend and as such it is important to monitor.


With DOT bulls, the key is to ensure that the price stays within this range. If bears push the coin below USD 16, everything could unravel. DOT will face a violent sell-off and it could bottom at $8 in the near term.


But all of this has a downside. It depends on whether DOT will maintain its $16-$23 range. If the coin manages to stay above USD 16 for a few days, then a run towards USD 23 is possible and in sight.

The longer-term upside for DOT is still positive. The coin could still deliver three times its current price by the end of 2022. But in the short term, it is hard to imagine the token going above $23.


The trend line discussed above appears to be strong. Therefore, DOT is likely to bounce between $16 and $23 in the near future. However, this theory will be invalidated if the price falls below USD 16 in the coming days.

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