The crypto space maintains a volatile trend as the prices of major tokens are hovering in a very narrow range. Besides that, one of the popular altcoins has been showing fast-paced strength over the past few weeks. polkadot The price is currently testing one of the major supports and is believed to soon recover and reach 2-digits.
Altcoins The price has maintained a healthy rise since the beginning of the year, similar to other tokens in the markets. After the notable decline, the price is now heading towards critical levels that could offer a necessary bounce to recover and break above the bearish impact.
DOT price currently appears to be part of a group of leaders preparing to exit the prolonged downtrend. After 2 months of rally, Polkadot price increased almost 100% and quickly entered a deep consolidation for the 3rd month. Therefore, DOT price cannot continue to decline until it holds the critical levels at $4.83.
Moreover, wave 2 is very close to completion if Elliot wave analysis is done on the current trade setup. Therefore, the next wave could be an up wave that could push the price towards the upper targets around $10 to $10.5 initially. However, an extended uptrend could push the price closer to $12.30.