Polkadot Price consolidating well, may experience a huge breakout in the coming days
Most of the projects built on Polkadot ecosystem surge pointing towards a strong ‘Polkadot Season’
DOT Price in a Crucial Phase!
The DOT price in recent times raised concerns over the bull run predicted to $100, as a massive bearish divergence surrounding the price. However, as the price broke ou with the launch of the new Parachain Governance framework, a similar movement is looked upon now.
A influencer and trader, Crypto Wizard predicts a massive breakout incoming for the asset that can rally the price above $50 too.
As posted by the trader, the Polkadot price is trending in between the resistance and support at $36.65 and $32.2. The price trend in this narrow trend is being continued for the past week and hence can be considered as a strong consolidation.
Once the price is done with the consolidation phase, the price can rally above the ATH too.
Polkadot Price Analysis
As expected from the past few days, the Polkadot price is gaining a strong momentum to break the upper barriers. Presently, the price is trending within as ascending triangle where-in a breakout from the upper resistance levels is imminent.
The indicators like RSI also suggests an uptrend as the levels have risen from 35 to more than 60. At the time of writing, the DOT price is $36.53 with a jump of 1.02% flipping the bearish trend.
- The resistance levels of polkadot price stands at $38
- The support levels stands at $34
- The indicators for the DOT price point out towards a ‘buy’ signal