Polkadot (DOT) It has been exhibiting quite different price movements for about two months. The recent uptrend helped the bulls to overcome critical resistances, while helping to create very stable support levels. However, buyers did not use this momentum well, and the resistance barriers that prevented the price from rising increased and strengthened.
Polkadot Will Fight An Important Battle
polkadot price On January 24, 2022, it made a bottom with the level of $ 15.83 and rallied from this level to $ 23.19 by making a 46% rally. The oscillation formed after this rise was structured in a way that still maintains its validity. Despite more than two months of consolidation, the altcoin has not recovered from this price range.
On April 2, Polkadot price managed to reach a high range at $23.19 but closed below this level, indicating that a buying pressure has still not started. As a result, DOT lost 20% of its value towards its current level and dropped to $18.88.
Moreover, the demand zone from $21.08 to $23.06 created on March 31 entered a bearish trend. According to this pattern, retesting the breaker after a down move is often strongly rejected. Therefore, traders should wait for the DOT to produce daily candlesticks above $23.06 to accumulate.
Doing so would push Polkadot price back to somewhere between $24.18 and $30.50. The rise is capped at $30.50, according to technical data, but even this level represents a 60% rise from the current level.
While things are looking for Polkadot price, if it creates a lower low to the $15.83 range, the bullish thesis will be invalidated. In such a case, buyers on the edge can wait for a retest of $13.64 to accumulate again.
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.