Polkadot price has seen four failed attempts to breach the 50% Fibonacci retracement around $17 over the past week. The latest jab saw a violent price rejection that led to a 7% downswing.
This correction might continue until the DOT price finds stable support at the demand zone, ranging from $14.06 to $14.49. In some cases, the Polkadot price might even dip below the said barrier and reverse after bouncing from the support at $13.65.
The upswing that emerges from the price of $13.65 will likely push DOT to take another try at crossing the 50% Fibonacci retracement level around the price of $17. If the bullish momentum is enough, Polkadot's price might slice through it effortlessly.
In such a case, the altcoin might eye a retest of the resistance barrier level at $18.42. Although unlikely, if the bid orders continue to pile up here, the DOT price might retest the range high at $21.
On the flip side, if Polkadot price slices through the support barrier at a price of $13.65, it will signal the presence of sellers, who might further drag the DOT down to the range low at $12.98.
A breakdown of this support will invalidate the bullish thesis and result in a 17% sell-off to the next demand barrier at a price of $10.75.
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