- DOT has its actions beyond the 70.5% retracement mark at $23.56.
- The latest breakout from a sinking trend-line indicates Polkadot might retest the price level at $30.
- A daily candle close beneath $22.50 will overturn the bullish narrative.
Polkadot sees its price hovering above critical reversal areas on higher time frames, indicating fading downward momentum. Meanwhile, the low timeframe show DOT breached a crucial resistance zone, unveiling its plans to explore higher price zones.
Polkadot Targets Higher Highs
Polkadot remained stuck as it traded under a bear trend-line since 30 November. Many trials to conquer the trend-line failed until 20 December when DOT formed a 4hr candle close beyond it.
A swift 4% upswing to Polkadot’s current price ($25.16) followed the development. Market players should beware of a possible downward move that might see DOT retesting a 70.5% retracement area of $23.56. Furthermore, the alternative coin can extend its lower actions to gather liquidity under the $22.50 mark.
Nevertheless, investors can expect a reversal from either of the levels. An uptick in buying momentum will have Polkadot at the closest barrier near $27.36 after undergoing a 9% surge from the coin’s current price. Nevertheless, the near-term bullishness might experience a ceiling at $30, accounting for an 18% surge.
Also read:If the bullishness persists, the Polkadot price might extend the upward trip toward 50% retracement are at $32.74, filling the FVG (fair value gap) beneath this area.
Failure to stabilize above the support level of $22.51 and a daily candlestick close under it will mean the bullish narrative, encountering invalidation. In such a scenario, Polkadot will crawl lower to retest 79% retracement area at $19.76. Bulls will have another chance to trigger upswings at this level.
DOT sets its eyes to higher levels for now. That comes after the alt broke out from a hurdle that persisted for three weeks. For now, bulls venture into an upward journey, eyeing a retest of the $30 mark. Nevertheless, Polkadot has to avoid a significant-close below $22.51 to keep the bullish narrative. Breaching this level might form a lower low that would trigger massive losses. However, the current broad market bullishness will support Polkadot’s upsurges.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.