Polkadot Price Forecast: DOT bound for a 30% move determined by two key levels
- Polkadot price is contained inside a symmetrical triangle pattern on the 12-hour chart.
- The digital asset is on the verge of a massive 30% move within the next three days.
- According to various indicators, bulls should have the upper hand.
Polkadot has been trading inside a tightening range since February 20 and it’s on the verge of a massive move. Bulls need to hold a key level to potentially see a 30% breakout while bears aim to crack the same point.
Polkadot price targets 30% breakout
On the 12-hour chart, DOT has formed a symmetrical triangle pattern which is on the verge of a massive move. The lower trendline support is located at $33 which coincides with the 50-SMA, making it a robust support level.
DOT/USD 12-hour chart
A rebound from this key support level should quickly push Polkadot price towards the upper boundary. A breakout above this point is critical and will drive DOT towards $50 in the long-term.
On the other hand, losing the key support level at $33 will drive Polkadot price towards a low of $22, a 33% move calculated using the height of the symmetrical triangle as a reference.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
