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News of the Polkadot parachains auction led to major gains for DOT/USD, and on November 4, it reached its record high of $54.98. However, a price correction happened in the following weeks, and currently, DOT is 53.8% below this ATH.

The downtrend formed by DOT in recent weeks is even worse than what happened in May, but there is hope that a bullish signal could be formed soon.

Over the past six weeks, DOT has been trading in lows because of a strong corrective move. The persistent and continuous downtrend in several weeks could be good for the bulls because it creates a high likelihood that a counter-trend could be around the corner.

Whenever an asset makes a downtrend lasting for several weeks, it reaches a “death zone”, and DOT is currently at this point. Therefore, the only move left for the token is an uptrend, with a rebound past $35 expected to form in the coming weeks.

Evidence of a bullish reversal lies in what has been happening across the broader market. A slight uptrend in the broader market has led to DOT making slight gains, showing that the major hindrance to a rally is the selling pressure in the market.

DOT is likely to amass buyers as long as the price remains at $25. More buyers could flock in at $27.25, and if it makes dips below $25, sellers could trigger losses. The trend reversal will set a profit target at $35. However, this circumstance depends upon the occurrences in the broader market.

While DOT’s price correction shows signs of halting, the downside risk is still looming in the market. The market charts show that a bearish setup for DOT is still possible. Evidence of this lies in the failure of DOT to rally despite the first set of parachains going live.

The broader market has dipped significantly despite slight attempts to rally during the past 24 hours, and this is putting off buyers from the market. The short-term downside movement could be limited to the $20 levels. However, persistent bearish settings over the coming weeks could also push DOT towards $15.

The post Polkadot (DOT) shows signs of pushing past $30 in case of a bullish reversal appeared first on Invezz.

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