Polkadot price and how to easily make 70% gains
- Polkadot price looks ready for a new upswing after flipping a crucial resistance barrier at $22.50 into a support level.
- Investors can expect DOT to trigger a 33% ascent to $30.48 in the near future.
- A daily candlestick close below $20.17 will invalidate the bullish thesis.
Polkadot price shows signs of moving higher due to the recent development that converted a long-standing resistance barrier into a support level. This move is likely to trigger a run-up to the immediate resistance barrier.
Polkadot price to capitalize on its bullish effort
Polkadot price tried to overcome the $22.50 resistance barrier for seven days but failed each time. This hurdle has been a pain on DOT’s side since it was first breached on January 21. Other retests after this downswing have failed to yield results.
On April 3, Polkadot price managed to produce a daily candlestick close above $22.50, signaling a breakout. Additionally, DOT successfully retested the newly flipped support level and sustained above it.
Investors can expect Polkadot price to kick-start its uptrend and make its way toward the next hurdle at $30.48. This move would constitute a 33% ascent and is likely where the upside is capped for DOT.
Although unlikely, a surge in buying pressure could see Polkadot price make its way to $38.03, bringing the total run-up to 70%.
DOT/USDT 1-day hart
While things are looking up for the Polkadot price, sustenance above the $22.50 support level is crucial for the bullish rally to occur.
A daily candlestick close below $20.17 will invalidate the bullish thesis for Polkadot price. This move will not only flip the $22.50 support into a resistance hurdle but also create a lower low below a bullish order.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
