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Polkadot is trading at $ 28.25 below the psychologically important $ 30 level. The DOT / USD price movement indicates that the asset has completed a V-top correction as seen on the daily chart. The completion of this correction occurs simultaneously with a sideways price correction, which has kept the price below $ 31 since December 4.
A break above $ 31.65 could lead to a rebound in Polkadot price as bulls aim to return to all-time highs above $ 55.
This upbeat outlook is possible as the next Polkadot parachain launch event is set to take place on December 18, and this should drive up the price of DOT. The first five Parachain Slots winners are expected to present their projects to the Polkadot ecosystem.
Cross-chain platform NFT Efinity is currently close to winning the fifth slot auction. The results will be announced on December 16, 2021.
The parachain token is viewed by analysts as a blue chip and is viewed as an asset with long-term potential.
DOT is one of the few coins in the top 10 to show small daily gains.
For the Polkadot bulls, things can go awry if the price falls below the $ 25.70 level. In this scenario, deeper corrections may occur, up to $ 20.
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