Polkadot price eyes 50% ascent contingent on a bounce from this crucial barrier
- Polkadot price has been hovering in the discovery phase after slicing through the $47.97 resistance level.
- A retest of this barrier seems likely before it sets up a record high at $72 or $100.
- A breakdown of the $40 support floor will invalidate the bullish thesis.
Polkadot price has shown strength over the past few days despite the big crypto’s weakness, and Polkadot’s recent upswing has breached a crucial level, indicating the start of a new leg-up.
Polkadot price might provide another buy opportunity
Polkadot price rallied 28% on October 13 and consolidated for the next 17 days before it finally gathered the steam to shatter the $47.97 resistance barrier. This move pushed Polkadot from $41.70 to a new all-time high at $55.09.
While the uptick in buying pressure was impressive, Polkadot price is facing a slowdown as it hovers below the 100% trend-based Fibonacci extension level at $54.51. Investors can expect Polkadot price to now retrace to the $47.97 resistance barrier before it propels higher.
This move will allow sidelined buyers to get in on the action and trigger a 50% ascent to $72.06 or the 161.8% trend-based Fibonacci extension level. This climb puts the Polkadot price at a record high.
In a highly bullish case, DOT price could extend this rally and tag the $100 psychological level.
DOT/USDT 1-day chart
If the Polkadot price preemptively sees a potential spike in buying pressure that pushes it past $54.54, the chances of retesting $72.06 are likely. However, if the DOT price produces a daily close below $40.69, it will invalidate the bullish thesis. In this situation, Polkadot price might revisit the $37.36 support floor.
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.
