- DOT addresses the crucial support of $ 3.74, with a potential reversal if it is strong.
- The increase in social volume and open interest indicate growing attention to investors and optimism for a rebound.
Polkadot (point) is currently facing at a central time in its price action, approaching the level of critical support of $ 3.74, which could determine its next major price movement.
At the time of the press, Polkadot was negotiated at $ 4.78, reflecting an increase of 1.59%.
Cryptocurrency recently faced downward pressure, which brought it closer to key support areas.
However, the real question is whether $ 3.74 will serve as solid support to feed an overthrow or if the dowry will break and trigger additional declines.
What are the key levels to watch for dowry?
Polkadot’s price has been downwards in recent weeks, the recent movement bringing it closer to the support of $ 3.74.
This level has previously been a solid area to buy, and many expect it to play a crucial role in the action of future prices.
If this level of support maintains, it could provide the catalyst for a reversal, with potential increases up to $ 5.25 and $ 6.50.
However, if the price decreases below $ 3.74, DOT could undergo an additional drop, which can reach the level of $ 3.50 before a significant rebound occurs.
Source: tradingView
Polkadot is growing
In addition to pricing, social dominance and social volume for the dowry have increased regularly. On February 19, social volume reached 92, indicating growing attention to the cryptocurrency.
The growing social domination, at 0.4417% at the time of the press, suggested that Polkadot was gaining momentum in the digital currency space.
These growing measures could indicate increased interest in investors, which can lead to an increase in purchase activity if the price bounces key levels.
Consequently, despite recent weakness on the market, the growing social presence of DOT could give a significant boost at its short -term price.
Source: Santiment
The feeling of the market affects the point
The feeling of the Polkadot market is shaped both by an open interest and the long / short ratio. Open interests increased by 1.68%, reaching $ 316.51 million at the time of the press, suggesting that more traders entered the market.
This increase in open interest has indicated the anticipation of a large price decision, up or down. In addition, the long / short point ratio of the point was balanced, with a slight edge towards long positions at 50.95%.
This said that investors hoped for a bullish overthrow, but uncertainty lingered due to the current downward trend.
Consequently, market players will have an attentive eye on the level of support of $ 3.74 to determine the next decision.
Source: Coringlass
Can $ 3.74 be the turning point of Polkadot?
Polkadot’s price is at a critical moment. With the increase in social dominance and volume, as well as an increased open interest, it is possible that the level of support of $ 3.74 contains and triggers a bullish reversal.
However, if this level decomposes, DOT could undergo other drops. In conclusion, if $ 3.74 holds, Polkadot will probably rebound towards higher price levels. Otherwise, an additional descent is possible.
