Polkadot (DOT) Eyes $30 Retest after Cracking a 3-Week Obstacle
- 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.
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.
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