Why Polkadot price faces an uphill battle to $30
|- Polkadot price shows a recovery rally in progress after a 28% crash between April 2 and 11.
- The upswing needs to overcome the $21.08 to $23.06 breaker to attempt a rally to $30.50.
- A daily candlestick close below $15.83 will invalidate the bullish thesis for DOT.
Polkadot price shows an affinity to move higher but the bulls need to band together as many hurdles plague its path. While an upswing is likely considering the overall bullish structure of the market, DOT needs a massive spike in buying pressure.
Polkadot price readies for a move north
Polkadot price has been stuck trading between the $15.83 and $23.15 range since it was formed on February 8. After a deviation of the swing low on February 24, DOT rallied roughly 69%, causing it to briefly move above the range high at $23.15 and set a swing high at $23.85.
However, bulls failed to maintain their momentum, leading to a move back into the said range. Since then, Polkadot price has crashed 28% and slid below the 50% retracement level to where it currently trades - $18.68.
Although the markets are recovering, Polkadot price will have a tough time moving higher. DOT needs to breach the breaker, extending from $21.08 to $23.06 and then overcome the $24.18 hurdle to kick-start its uptrend.
Clearing these hurdles will open the path for DOT to touch the $30.50 hurdle. This uptick would constitute a 65% upswing from the current position.
DOT/USDT 1-day chart
On the other hand, if Polkadot price fails to move higher, a rejection could send it toward the range low at $15.83. A bounce off this barrier could allow buyers another chance to recover DOT.
However, a daily candlestick close below $15.83 will invalidate the bullish thesis for Polkadot price and trigger a crash to $13.64.
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