Polkadot price presents a risky long opportunity as DOT hints at a 26% advance

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.