Table of Contents
The Polkadot price is looking very bearish especially after the price broke below the base of the expanding channel on the 4-hour timeframe. Now that previous support is acting as a resistance to the Polkadot price, meaning we might see a strong rejection from that region soon.
In this Altcoin analysis, we will be breaking down the key levels to watch for on the Polkadot price, as well as the price scenarios for both the bullish and bearish price prediction!
Polkadot At A Critical Point
For the bull trend to resume, Polkadot needs to break through the base of that expanding channel. That horizontal resistance stands as a price ceiling pushing the Altcoin back down.
If Polkadot can break through it, there is a very high probability that we might see the Altcoin surge back up to the $46 highs in the coming days. This is a potential 79% price move in the Altcoin.
However, if the price fails to break through this key resistance, we can expect more weakness in Polkadot and a potential dump back down to the previous lows in the coming days.
The key level to watch for to confirm the start of this bearish sell-off would be the $18 support level.
A break below this level would create a lower low price structure and increase the potential for Polkadot to keep selling off!
Final Verdict!
DOT is currently in a ranging market, trading between two key levels; the $18 support and the $28 resistance. As far as the price continues to trade within this channel, we want to remain neutral and wait by the sideline.
However, a break above or below these levels would confirm the end of the ranging market for Polkadot and the resumption of the trend. It would also offer us the best levels to look for entries for either the buy or sell scenario.
Sign-up to Byibit and deposit right now! You also get up to $1,610 in Bonus when you sign up using our Bybit link and make your first deposit.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
Trade Like A Professional
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.
