|

Why Polkadot price faces an uphill battle to $30

  • Polkadot price shows a recovery rally in progress after a 28% crash between April 2 and 11.
  • The upswing needs to overcome the $21.08 to $23.06 breaker to attempt a rally to $30.50.
  • A daily candlestick close below $15.83 will invalidate the bullish thesis for DOT.

Polkadot price shows an affinity to move higher but the bulls need to band together as many hurdles plague its path. While an upswing is likely considering the overall bullish structure of the market, DOT needs a massive spike in buying pressure.

Polkadot price readies for a move north

Polkadot price has been stuck trading between the $15.83 and $23.15 range since it was formed on February 8. After a deviation of the swing low on February 24, DOT rallied roughly 69%, causing it to briefly move above the range high at $23.15 and set a swing high at $23.85. 

However, bulls failed to maintain their momentum, leading to a move back into the said range. Since then, Polkadot price has crashed 28% and slid below the 50% retracement level to where it currently trades - $18.68. 

Although the markets are recovering, Polkadot price will have a tough time moving higher. DOT needs to breach the breaker, extending from $21.08 to $23.06 and then overcome the $24.18 hurdle to kick-start its uptrend.

Clearing these hurdles will open the path for DOT to touch the $30.50 hurdle. This uptick would constitute a 65% upswing from the current position.

DOT/USDT 1-day chart

DOT/USDT 1-day chart

On the other hand, if Polkadot price fails to move higher, a rejection could send it toward the range low at $15.83. A bounce off this barrier could allow buyers another chance to recover DOT.

However, a daily candlestick close below $15.83 will invalidate the bullish thesis for Polkadot price and trigger a crash to $13.64.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Pi Network Price Forecast: PI flashes bearish potential as selling pressure mounts

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders.

Algorand Price Forecast: ALGO eyes further upside as falling-wedge retest holds

Algorand (ALGO) price steadies around $0.136 on Thursday, nearing a key support level; if it holds, it suggests further upside. Bullish sentiment strengthens as ALGO’s on-chain and derivatives data indicate improving trader sentiment.

Top Crypto Losers: Pump.fun, Story, and Pudgy Penguins test key support levels

Pump.fun (PUMP), Story (IP), and Pudgy Penguins (PENGU) experience intense selling pressure over the last 24 hours. PUMP and IP failed to cross the 50-day Exponential Moving Average, resulting in a pullback on Wednesday, while PENGU is testing its 50-day EMA.

XRP faces selling pressure as key on-chain metric resets and ETF inflows weaken

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.