- Polkadot price is currently consolidating inside the $40.06 to $48.34 supply zone.
- DOT might dip to the $37.50 support floor from where it may catalyze a 65% bull run.
- A decisive close below $33.27 will invalidate the bullish thesis.
Polkadot price is facing enormous resistance as it sits inside a supply zone. Clearing this barrier will open the path for DOT to retest its all-time high and set a new one.
Polkadot price prepares for massive move
Polkadot price has risen 321% since its bottom on July 21 at $10.37. DOT is currently trading inside a supply zone, ranging from $40.06 to $48.34. This barrier has prevented Polkadot price from moving higher over the past eleven days and shows the same will continue going forward.
Investors can expect Polkadot price to retrace to the $38.76 support level before moving to the said supply zone. In some cases, DOT might briefly dip into the demand area, ranging from $33.27 to $37.50.
Either way, these retracements provide market participants with an opportunity to accumulate DOT for the incoming yet explosive move higher. If Polkadot price produces a decisive close above $48.34, it will indicate the start of an uptrend. In this case, DOT will head to retest the 100% trend-based Fibonacci retracement level at $53.88 or a new all-time high.
This move will likely extend further to the next level at $71.43, where Polkadot price will make another record high after a 65% ascent.
DOT/USDT 1-day chart
Regardless of the bullishness surrounding Polkadot price, a breakdown of $33.27 will indicate a weakness among buyers. This move will also invalidate the bullish thesis.
Under these circumstances, Polkadot price might revisit the $25.49 foothold.
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
Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON
Toncoin extends recovery as bulls push to reclaim the 50-period EMA on the 4-hour time frame. Bitfinex announced on Tuesday the launch of tokenized Gold supported via The Open Network.
Crypto Today: Bitcoin holds below $109,000 as Ethereum, XRP offer recovery signals ahead of FOMC minutes
Bitcoin shows signs of weakness, capped below $109,000, as focus shifts to the FOMC minutes release. Ethereum's lukewarm rebound steps above $2,600, underpinned by steady spot ETF inflows.
Elon Musk's tweet on Epstein and GrokAI’s hallucination puts the spotlight on PNUT, MechaHitler
PNUT stalls Tuesday's recovery, sparked by Elon Musk’s tweet about the Jeffrey Epstein case. X’s GrokAI referenced MechaHitler, resulting in a new trend in the crypto market with the creation of over 250 MechaHitler tokens.
Bitcoin Price Forecast: BTC steady around $108,000 as investors await FOMC minutes for Fed rate clues
Bitcoin price holds steady at around $108,000 on Wednesday, maintaining support at a key technical level. Investors' attention shifts to the FOMC meeting minutes, as it offers insights into the Fed’s interest rate path prospects.
Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.