Polkadot price cracks $10, but a correction is in the horizon

  • Polkadot price has cracked $10 again after regaining crucial support level.
  • The digital asset aims for more, but might need to see a pullback first.

In our last article, we mentioned the potential of Polkadot hitting $10 if bulls could manage to push it above a critical support level at $9. Buyers succeeded and drove Polkadot price up to $10.66.

Polkadot price at risk of a short-term pullback

Despite the massive 30% breakout in the past 24 hours, some indicators have turned bearish for Polkadot. The TD Sequential indicator has presented a sell signal on the 30-minutes chart and it’s close to doing the same on the 1-hour chart. 

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DOT sell signals

Additionally, Polkadot has experienced a significant spike in social volume which can often lead to corrections. The social volume metric measures the number of mentions of the coin on more than 1,000 social media channels. 

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DOT Social Volume

Nonetheless, the digital asset has defended a crucial support level on the daily chart in the form of the 26-EMA. The only resistance level left is located at $10.20 which has been tested several times in the past.

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DOT/USD daily chart

A breakout above $10.20 can quickly drive Polkadot price towards $11 as there is practically no resistance on the way up.

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