Polkadot price targets $44, but faces significant long-term selling pressure
- Polkadot price is bounded inside a symmetrical triangle pattern on the 4-hour chart.
- The digital asset is on the brink of a significant 25% breakout towards $44.
- DOT could continue to trade sideways for the next few days if there is no clear breakout.
Polkadot price has significantly rebounded from a low of $29.7 on February 28 but continues trading sideways inside a tightening pattern on the 4-hour chart. Bulls aim for a breakout above the critical resistance level at $35 while bears hope for another rejection.
Polkadot price needs to crack this key level
On the 4-hour chart, Polkadot has established a symmetrical triangle pattern and it’s on the verge of a breakout above the key resistance level at $35. Climbing above this point would lead Polkadot price towards $44, a 25% move calculated using the height of the pattern as a reference point.
DOT/USD 4-hour chart
However, rejection from the key resistance level of $35 would be notably bearish and likely to drive Polkadot price down to the lower boundary of the pattern at $31.
DOT Sell Signals
The TD Sequential indicator has presented sell signals on the 3-day and weekly charts, adding a lot of pressure to the bulls and credence to the bearish outlook.
Author
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.
