Polkadot price can quickly hit $24 if bulls crack this crucial resistance level
- Polkadot price hit a new all-time high at $21.73 on February 4.
- The digital asset has a lot of bullish momentum behind it and aims for $24.
- Only one crucial resistance level separates Polkadot from a new all-time high.
Polkadot price continues surging higher as the digital asset reaches $19 billion in market capitalization, on the verge of passing XRP. Despite the massive bull rally, it seems that DOT can see a new all-time high as there is only one crucial barrier ahead.
Polkadot price aims for $24 if bulls can crack this resistance level
On the 4-hour chart, Polkadot price was trading inside an ascending parallel channel from which it broke out on February 3. The digital asset had a significant pullback to re-test the previous resistance level and has rebounded.
DOT/USD 4-hour chart
A critical resistance level has formed at $20.9 and has been tested several times in the past three days. A breakout above this point should drive Polkadot price towards the previous target of $24, which was calculated using the height of the parallel channel.
DOT/USD 1-hour chart
However, it seems that Polkadot price has been rejected from $20.9 and it’s on the verge of losing the 26-EMA on the 1-hour chart. If this level breaks, DOT can fall towards $19.6, which is the lower trendline of a descending triangle pattern formed on this chart.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
