- Polkadot price looks ripe for a 20% move if it can clear two crucial blockades.
- A four-hour candlestick close above $30.016 could be the key to triggering a 20% run-up to $35.84.
- A breakdown of the $23.27 support floor will invalidate the bullish thesis for DOT.
Polkadot price is preparing for a massive uptrend, but it needs to overcome two significant resistance barriers. Doing so will allow DOT to rally without hesitation to another major hurdle.
Polkadot price and its bullish outlook
Polkadot price rallied 25% between January 10 and January 15, setting up a swing high at $28.39, just below the weekly resistance barrier at $28.84. DOT fell short due to the presence of the 50-day Simple Moving Average (SMA) at $28.17.
As a result, Polkadot price has dropped 7% to where it currently stands - $26.66. Going forward, investors can prematurely enter long here or wait for a flip of the weekly resistance barrier at $28.84 and the 200-day SMA at $29.90 – or roughly $30 into a support level.
Doing this will confirm the start of an uptrend. In this case, DOT will likely trigger a bull rally that retests the weekly resistance barrier at $35.84 after a 20% ascent. Interestingly, this level coincides with the 100-day SMA, making this target a local top and a place where investors can book profits.
DOT/USDT 4-hour chart
While things are looking a little on the fence for the Polkadot price due to the $28.85 and the $30 hurdles, a failure to catch traction could backfire. If DOT slides lower, producing a four-hour candlestick close below the $23.27 weekly support level, it will create a lower low and invalidate the bullish thesis.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP chart signals 27% jump after SEC-Ripple appeals pause and $50 million settlement
Ripple (XRP) stabilized above $2.00 exemplifying a similar pattern to the largest cryptocurrency by market capitalization, Bitcoin (BTC), which holds firmly above $84,000 at the time of writing on Thursday.
Bitwise lists four crypto ETPs on London Stock Exchange
Bitwise announced on Wednesday that it had listed four of its Germany-issued crypto Exchange-Traded products (ETPs) on the London Stock Exchange. It aims to expand access to its products for Bitcoin (BTC) and Ethereum (ETH) investors and widen its footprint across European markets.
RAY sees double-digit gains as Raydium unveils new Pumpfun competitor
RAY surged 10% on Wednesday as Raydium revealed its new meme coin launchpad, LaunchLab, a potential competitor to Pump.fun — which also recently unveiled its decentralized exchange (DEX) PumpSwap.
Ethereum Price Forecast: ETH face value- accrual risks due to data availability roadmap
Ethereum (ETH) declined 1%, trading just below $1,600 in the early Asian session on Thursday, as Binance Research's latest report suggests that the data availability roadmap has been hampering its value accrual.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.