|

Polkadot Price Prediction: DOT aims for a bullish reversal to new all-time highs

  • Polkadot price is contained inside a descending triangle pattern on the 4-hour chart.
  • DOT faces only one critical resistance level before a massive 30% breakout.
  • Polkadot bulls seem to have the upper hand after establishing a higher low.

Polkadot had a significant correction from its all-time high of $42.28 down to a low of $26.5. However, the digital asset has recovered and seems ready for a new leg up if a critical resistance barrier at $34 breaks.

Polkadot price could rally to new all-time highs on descending triangle breakout

On the 4-hour chart, Polkadot price has established a descending triangle pattern with a clear resistance level located at $34. The current price is right below this key barrier.

dot price

DOT/USD 4-hour chart

A breakout above $34 should quickly drive Polkadot price towards $44, a 28% move calculated using the height from the top of the pattern to the lower trendline. The trading volume of Polkadot has declined notably in the past 24 hours which indicates that a major move might be underway.

However, if Polkadot price is rejected at the key resistance level of $34, the digital asset can plummet down to the lower boundary of the descending triangle pattern at $30.

Author

Lorenzo Stroe

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.

More from Lorenzo Stroe
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.