fxs_header_sponsor_anchor

Polkadot price bound for 50% breakout if DOT bulls can overcome this hurdle

  • Polkadot price is consolidating between two vital levels at $47.96 and $38.69.
  • A decisive close above either of these levels will kick-start a new rally.
  • DOT is likely to embark on a 50% ascent if it surpasses $47.96 due to the market’s bullishness.

Polkadot price is currently facing a decisive moment as it trades between two significantly troublesome barriers. While overcoming these hurdles will be trying, doing so will lead to a volatile move.

Polkadot price at make or break point 

Polkadot price has risen roughly 75% over the past 24 days and is currently sitting between $47.96 and $38.69, two barriers that will determine the direction in which DOT will go next. The former barrier is sitting just under DOT’s all-time high at $49.78, therefore, investors already in the trade could choose that point to book profits, making it a challenging level to crack.

In a scenario where buyers manage to overcome the selling pressure and produce a decisive close above this barrier, it will open the path to a new uptrend. The 100% trend-based Fibonacci extension level at $53.90 is where the Polkadot price may make a new high.

Clearing this blockade will eventually push the DeFi token to the next barrier at $71.45, coinciding with the 161.8% trend-based Fibonacci extension level.

The ascent from the $47.96 to this record-high would constitute a 50% gain.

DOT/USDT 1-day chart

On the other hand, if the Polkadot price fails to slice through $47.96, it will indicate that  buying pressure is waning. In this situation, DOT might revisit the $38.69 support floor, where the bulls can make a comeback.

If the Polkadot price flips this support level into resistance, it will trigger a 15% crash to $33.03. A breakdown of this level will lead to DOT retesting the $25.50 barrier, constituting a 33% descent from $38.69.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.