Polkadot Slides Toward $2 as Analyst Says "Home" Range Is Finally Reached

Source: ETHNews Original Title: Polkadot Slides Toward $2 as Analyst Says “Home” Range Is Finally Reached Original Link: Polkadot is trading back near the $2 zone, a level chart analyst Egrag Crypto has long referred to as the asset’s “home” range.

After a sharp intraday drop, DOT is now consolidating around a price area that Egrag previously identified as a major long-term accumulation zone dating back to June 2022.

Analyst Highlights a Multi-Year Accumulation Thesis

In his latest post, Egrag reiterates that he began accumulating DOT when it traded between $3 and $4, adding more recently at $2. He views this range as a structural floor supported by historical behavior and Polkadot’s role within broader multi-chain infrastructure.

According to Egrag, DOT’s inclusion in the Bitwise index fund and its multi-world, multi-blockchain capabilities reinforce the long-term case.

He also notes that the October 10th wick may represent a Black Swan-type print—or simply a cyclical retest of lower liquidity zones common in four-year market rhythms. Whether DOT is forming a final bottom or could still wick lower remains an open question, but the analyst maintains a long-term accumulation approach.

What the TradingView Chart Shows

The chart shows DOT briefly spiking above $2.30 before reversing sharply and dropping toward the $2.05–$2.10 area, where it is now stabilizing. Intraday volatility was high: volume increased during the early rally, then shifted decisively as sellers stepped in during the decline.

Price action weakened throughout the late session, with a steep drop forming as DOT approached the $2 level. The decline aligns with Egrag’s commentary that this range represents a historically important zone and a potential long-term buy region for patient market participants.

Traders Watching Cycle Context and Liquidity Zones

Egrag’s broader thesis leans on Wyckoff accumulation structures, cycle timing, and Polkadot’s history of revisiting deep liquidity pockets before recovering. His framework includes questions such as:

• Which Wyckoff schematic best fits DOT’s current structure?
• Is this the bottom, or are lower lows still possible?
• What potential upside targets emerge if the cycle bottom confirms?

With DOT returning to a level Egrag has emphasized for over two years, the focus now shifts to whether buyers treat this region as a long-term opportunity, or whether market conditions push the token deeper into its lower accumulation band.