Polkadot price has posted 4.3% gains over the past 24 hours. Analysts have predicted the exact bottom for Polkadot ahead of the parachain launch event on December 18, 2021. The first five parachain slot winners will launch their projects in the Polkadot ecosystem in the event. Cryptocurrency analysts at the YouTube channel “The Art of Crypto” evaluated the Polkadot price trend and predicted the exact bottom for the altcoin. The analyst has used the weekly “order block,” a forex strategy where the market behavior indicates order collection from financial institutions and banks, to predict Bitcoin and Ethereum bottom. The pseudonymous analyst believes that Polkadot could hit its exact bottom in the order block from $17.7 to $11.45. The analyst says "If we do get back there [below $17.7], then it is going to be the bottom period for Polkadot.

Proponents have noted that the launch event of the first five parachain slot winners on December 18 could be a positive catalyst for the altcoin’s price. Efinity, the cross-chain NFT platform, is currently close to winning the fifth slot auction. The results will be declared on December 16, 2021.

Dan Reecer, VP of Growth at Acala Network and Karura, recently supported Efinity on the fifth parachain slot auction.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Going forward, if this bullish momentum continues, investors can expect Polkadot price to rally 12% from its current position at $29.52 to $35.05. This move will face resistance at the top, but DOT could extend to the next level at $36.84 and collect the liquidity resting above it if bids continue to pile up.

In total, the run-up would constitute a 25% ascent and set the stage for an even advanced recovery where Polkadot price could aim at retesting its all-time high of $55.09. On the other hand, if Polkadot price fails to keep its uptrend intact, it will likely head lower and create a lower low below the recent swing point at $28.02. While this development is not conducive for an uptrend, investors should remain wary.

If the selling pressure increases, DOT could revisit the $24.84 support level. A breakdown of this barrier will create a lower low and invalidate the bullish thesis for Polkadot price.

Has Polkadot Found its Bottom at $24.80?

Dec 14 2021

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