- Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart.
- The digital asset faces a key resistance level which could be the key to new all-time highs.
- Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.
Polkadot has been under consolidation since February 20 when it established its new all-time high at $42.2. The digital asset has been trading inside a tightening range and awaits a clear breakout or breakdown.
Polkadot price has the potential to establish new all-time highs above $50
On the 4-hour chart, a symmetrical triangle pattern formed in the past two weeks will be decisive for the future of Polkadot. Bulls need to push DOT above a key resistance level at $34.3 which coincides with the 50-SMA and the 100-SMA levels.
DOT/USD 4-hour chart
Reclaiming this key level will quickly drive Polkadot price towards the upper trendline of the pattern at $36.6. A breakout above this point would have a price target of $51 in the long-term, calculated using the maximum height of the pattern.
Earlier today, Polkadot also announced a partnership with IOST to bring cross-chain interoperability to the masses. This new alliance will allow users to transact across all blockchains supported by Polkadot in the future. The most significant development in the past week has been the integration of Polkadot into Ledger.
Ledger Live has integrated Polkadot!
— Polkadot (@Polkadot) March 4, 2021
This integration means users can get the security benefits of keeping their secret key secured on a @Ledger device while also being able to manage their accounts and perform staking activity all in one convenient app.https://t.co/kjfKUCKiJd
On the other hand, a rejection from $34.3 will lead to a fall towards the pattern’s lower boundary at around $32. A breakdown below this critical point should push Polkadot price below $20, another 40% move.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.