- The Polkadot price picked up again today after the sell-off of the past few weeks.
- Buyers of DOT came in for $ 10.50 as promised.
- Expect more upside as long as global market sentiment helps with the right tailwind.
As with most cryptocurrencies, the Polkadot price was at a considerable loss. Sellers had price developments under control over the past month and continued to push cryptocurrencies to levels that became interesting as a buy-the-dip signal for buyers. The resurgent positive global mood in the markets has provided a positive tailwind in several asset classes in the financial markets.
Polkadot price needs to have a positive close today for buyers to flock
One important risk that you should be aware of before purchasing polkadot is the fact that buyers may only be looking for short-term opportunities. A dead hop could be the trap waiting for buyers. Hence, it will be important to watch price action over the coming days and see how DOT reacts at certain levels.
The first tier is $ 11.86, which needs to be broken, otherwise buyers will only be out for a quick profit and sellers will take over again. A closing price above this level today or tomorrow is crucial for the solidity and longevity of the rally.
The following fundamental level will be the $ 13 handle, with the polkadot price just below the pivot and bouncing off the June 14th low. If DOT makes it here, buyers will already have a 22% profit in their pockets. Again, this is a critical value for observing how price reacts.
DOT / USD daily chart
This means the buy timing is looking right and is recovering with global market sentiment recovering from Monday’s belly pounding. The tailwind and the buy-the-dip setup did their job as in previous briefings.
It will be crucial to see how the $ 11.86 and $ 13 Polkadot price reacts if buyers stick with their guns and play it for the long term. If buyers only want a short-term profit, sellers will turn this rally into a dead-cat bounce again.