Polkadot price targets $44, but faces significant long-term selling pressure
|- Polkadot price is bounded inside a symmetrical triangle pattern on the 4-hour chart.
- The digital asset is on the brink of a significant 25% breakout towards $44.
- DOT could continue to trade sideways for the next few days if there is no clear breakout.
Polkadot price has significantly rebounded from a low of $29.7 on February 28 but continues trading sideways inside a tightening pattern on the 4-hour chart. Bulls aim for a breakout above the critical resistance level at $35 while bears hope for another rejection.
Polkadot price needs to crack this key level
On the 4-hour chart, Polkadot has established a symmetrical triangle pattern and it’s on the verge of a breakout above the key resistance level at $35. Climbing above this point would lead Polkadot price towards $44, a 25% move calculated using the height of the pattern as a reference point.
DOT/USD 4-hour chart
However, rejection from the key resistance level of $35 would be notably bearish and likely to drive Polkadot price down to the lower boundary of the pattern at $31.
DOT Sell Signals
The TD Sequential indicator has presented sell signals on the 3-day and weekly charts, adding a lot of pressure to the bulls and credence to the bearish outlook.
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.