polkadot price is currently facing a critical move as it is trading between two significantly tougher hurdles. As we strive to overcome these obstacles, movements at critical levels will lead to volatile moves. Details are here.
Polkadot price has gained about 75% in the last 24 days and is currently sitting between $47.96 and $38.69, two key levels that will determine the next direction of the DOT. The first hurdle is just below the DOT’s all-time high of $49.78, so traders who are already trading can use this point to take profits, making it a hard level to break.
In a scenario where buyers manage to overcome the selling pressure and make a decisive close above this resistance, a new uptrend will open the way. The 100% Fibonacci level at $53.90 is where Polkadot price could make a new high. Breaking this resistance will eventually push the DeFi token to the next resistance at $71.45, coinciding with the 161.8% Fibonacci level. A rise to this record high at $47.96 would yield a 50% gain.
On the other hand, if the Polkadot price fails to break above $47.96, this will indicate that the buying pressure has subsided. In this case, the DOT could revisit the $38.69 support area, where the bulls will rebound. If Polkadot price turns this support level into resistance, it could decline 15% to $33.03. A break of this level could lead the DOT to retest the $25.50 resistance, creating a 33% drop from $38.69.
Finally, you can reach our other news about important developments expected by Polkadot here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.