Polkadot price to revisit $22 as DOT establishes a launchpad

Polkadot price has arrived at a stable support level after crashing violently and falling since November 2021. A retest of this level is likely to result in a swift bounce that triggers a quick uptrend.

Polkadot price contemplates reversal

Polkadot price has crashed 73% from its all-time high at $53.50 on November 9, 2021. This downswing has now arrived at the three-day demand zone, extending from $10.37 to $15.66.

Investors can expect a quick relief rally to emerge as DOT bounces off this barrier. The altcoin will face the $18.01 hurdle after rallying roughly 12% from its opening price. 

Clearing this blockade is crucial to making a run for the $20 psychological level. There may be an outcome where DOT could set a local top here. However, if bulls band together, there could be an extension of the uptrend to $22.23. This move would constitute a 40% ascent from the current position - $16 and is likely where the local top will form for Polkadot price.

DOT/USDT 3-day chart

On the other hand, if Polkadot price fails to bounce off the $10.37 to $15.66 demand zone, it will explore lower levels. As long as DOT stays inside this area, the bullish outlook will not face any threats.

A daily or a three-day candlestick close below $10.37, however, will invalidate the possibility of a bullish outlook and indicate that Polkadot price is likely to retest $10.09 or the subsequent barrier at $8.31.