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.

Share: Cryptos feed

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.