|

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

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.