Price Analysis

Polkadot Brokeout from the Descending Consolidation, Will DOT Price Hit $25 This Weekend?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 26, 2022

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Highlights

    Polkadot price sliced through the bearish consolidation and initiated with a significant uptrend which is primed to test $25 at the earliest

    Despite the bullish momentum, yet the price is expected to revisit lower support yet again before laying down the leg leg up

Polkadot price underwent a monstrous rally and surge beyond $50 in a very short span of time. Further shedding its gains over time, the asset dropped down below $20 to attain the level of around $15. While more speculations of the price sliding towards $10 outspread in the market, the DOT price ignited a strong flip that ranged high beyond $20 in the past 10 days. And hence a decent rally may be ignited any time during the weekend. 

The bullish breakout from the descending triangle was set up when the asset achieved the $20 resistance. No doubt the breakout is still awaited but forming multiple higher highs signals a trend reversal which could uplift the price towards the $25 levels. Currently, the momentum is pretty bullish in the short-term while neutral in the mid-term and in the long term. And hence one can expect a significant uptrend in the STF which can set up a similar trend in the HTF. 

Also Read: Solana(SOL) Hits $100 Again While Terra (LUNA) Price Chases, Who will Be the Winner By EOD?

The DOT price since the beginning of the monthly trade maintained a significant bullish parallel channel.  Despite a couple of pullbacks, the price maintained the lower support and bounced back efficiently. Adding to the substance, the price has made a firm bounce from the middle levels displaying its extreme bullish momentum ahead. Therefore, a breakout from the channel is expected anytime in the upcoming weekend. Moreover, the demand of the buyers is slowly exceeding the seller’s supply. And this could mount a buying pressure uplifting the Polkadot price soon. 

Also Read: Cardano Maybe at the Foothill of a Breakout, This is When ADA Price May Hit $3!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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