Polkadot price appeared to be at the local top with technicals suggesting a short-term trend change is possible. The pullback can be taken as a good opportunity for the bulls to enter the space as DOT price looks poised to break past immediate resistance very soon. On the other hand, if the selling volume picks up and adds, then a noticeable drop below $18 may be imminent.
The asset maintained a notable uptrend since the start of monthly trading and despite a couple of pullbacks, the asset remained high. However, the current drop can also be considered as one of the similar minor corrections that can be changed shortly. Buying pressure builds slowly and once the sellers get a bit exhausted, the price can continue to rise based on the plot.
Polkadot price since reversing from below, followed a notable ascending parallel channel. The asset hung in the air for a remarkable time along with the lower bands and quickly broke through the mid-ranges to reach upper resistance.
And at times when a breakout was highly expected, the DOT price witnessed a significant but sustained drop above the middle bands. The price is currently consolidating strongly along the middle bands and showing both the chances of a breakout and a breakdown.
However, a dip is highly unlikely as buying volume builds slowly and therefore there may be a noticeable jump online after a minor consolidation. However, if the price of Polkadot (DOT) turns up and breaks through the resistance, then it may hit the demand area. Here, the probability of investors getting involved is extremely high, which may help the price to reach higher levels beyond $25 in the short term.
This post Polkadot (DOT) price could drop to this level before the 25% spikes
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