- Market sentiment around DOT remained bullish.
- If a price correction happens, DOT might plummet to $9.
Polkadot [DOT] had a comfortable week as its value surged by more than 13% in the last seven days.
At the time of writing, DOT was trading at $10.95 with a market capitalization of over $14 billion, making it the 13th largest crypto, per CoinMarketCap.
If the latest data is to be considered, DOT might showcase better performance in the coming weeks, as there are chances of it touching $20 soon.
Is Polkadot setting up a show?
DOT’s Social Volume also rose at this time, which reflected its popularity in the crypto space. But despite this, the token’s 24-hour trading volume dropped.
Also, on the 12th of March, World of Charts posted a tweet highlighting an interesting development around DOT. The analyst noted that the token’s price might plummet to $9 before initiating a rally.
If DOT rebounds from $9, then the chances of it touching $20 are high.
Therefore, AMBCrypto decided to check whether the chances of DOT sinking to $9 were high. Our analysis of Hyblock Capital’s data revealed that Polkadot experienced high liquidation in the last few days.
To be precise, DOT’s liquidation increased between $10.8 and $10.9.
This was probably the reason behind DOT’s sluggish 24-hour performance, as its value only moved marginally. The hike in liquidation might soon result in a slight price correction.
Author: Dipayan Mitra
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