- DOT price seems prepared for 20%move if the coin overcomes two critical blockades.
- A 4hr candlestick close beyond $30.016 might trigger a 20% upward move towards $35.84.
- Breaking the support barrier at $23.27 will annul DOT’s bullish thesis.
Polkadot’s price seems ripe for a massive upward move, eyeing a 20% increase. However, the alt should overcome two substantial resistance obstacles for the positive outlook to payout. Overcoming these hurdles will see DOT rallying towards another obstacle without hesitation.
Polkadot’s Bullish Outlook
Polkadot (DOT) gained 25% from 10 January and 15 January, registering a swing high near $28.39, beneath the weekly resistance level around the $28.84 zone. Polkadot fell short because of a 50-day SMA at $28.17.
That way, the alt lost 7% to its current price level of $26.66. For now, market players might prematurely go long or wait for Polkadot to flip the weekly resistance zone of $28.84 and 200-day Simple Moving Average near $29.90 into a support floor.
Such a development will authorize an uptrend to start. With that, Polkadot will likely catalyze a bullish rally, retesting the weekly resistance level at $35.84, following a 20% upswing. Surprisingly, this barrier corresponds with 100-day Simple Moving Average, making the price target a local top and investors’ profit-booking spot.
As things seem somewhat on the fence because of the hurdles at $28.85 and $30, the narrative might backfire. A downward move by Polkadot to creating a 4hr candlestick close under the weekly support mark at $23.27 will form a lower low and ruin DOT’s bullish narrative.
While publishing this analysis, Polkadot trades at $26.74, ranking 10 in the crypto market by value (Coinmarketcap data). Though the alt appears to lose ground on 24hr time frame, DOT remains with gains over the past week.
Polkadot appears ready to challenge upside hurdles. Nevertheless, the alt should overcome two considerable resistances for a smooth rally towards upside challenges. The global market conditions may be vital in DOT’s upcoming directional bias.
While writing this blog, the global crypto market cap hovers at $2.05 trillion after a 0.6% decrease. Meanwhile, crypto experts remain bullish for the market, predicting massive gains this year. Stay around for what the up-and-coming trading sessions boast.