- Polkadot price is at an inflection point as it teeters at the edge of a support level at $24.18.
- A quick recovery above this barrier could be the key to triggering a 26% run-up to $30.5.
- A four-hour candlestick close below $18.71 will create a lower low, invalidating the bullish thesis.
Polkadot price is at a point in its journey where bulls are waiting to make a comeback. DOT needs to reclaim one crucial barrier to shift the odds against bears. Doing so, could trigger a rally that retests a weekly resistance barrier.
Polkadot price at wits’ end
Polkadot price has retested the weekly support level at $24.1 six times over the past month. DOT shattered this barrier twice in the last two days and is currently below it. If the bulls reclaim this level, there is a chance it could trigger a 26% rally.
Investors can enter long at the current position and expect DOT to retest the $28.68 barrier. Here, traders can offload a portion of their position and book profit, while keeping the remainder of their position for a retest of the weekly resistance barrier at $30.5 and the liquidity resting around that level.
In a highly bullish case, Polkadot price could extend and revisit the 3-day supply zone, from $32.25 to $37.56.
DOT/USDT 4-hour chart
If Polkadot price fails to recover above the weekly support level at $24.1, it will indicate buying pressure is weak. DOT could slide lower and form a double bottom at 22.78, which will signal buyers might make another comeback.
If DOT produces a four-hour candlestick close below $18.71 it will create a lower low, invalidating the bullish thesis. This move could open the path for Polkadot price to crash 10% to $16.89.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.