Polkadot, like many other highcaps, managed to end the declining flag, and the latter period is heading more sideway. This structure can be long-term reverse zone, but has not been confirmed yet. In the short term, however, the price continues its upward trend, encountering resistance point of control.
In the picture below we see potential 123 bottom formation pattern, which will be valid only when the price exceeds point 2 on the surface $ 33.00. At that moment, the growing trend will be confirmed. Meanwhile, the price continues in the sideway structure between resistance $ 33.00 a support $ 23.00. It will come as no surprise that the next short-term maximum will be declining.
Source: TradingViewPolkadot continues sideway
Of course, no one knows how long the price will take to get above the $ 33.00 level. For that sideway structure may continue for a long time. It also depends on the overall in the cryptocurrency market. It is essential that the price maintains the mentioned support. However, if fails to do so, we will look for additional support in the area around $ 20.50.
In the short term, point of control can cause a short-term peak in the market price at the time of writing. However, in terms of monitoring trends, this movement is insignificant, so we will monitor it first and foremost validation potential reverse pattern 123 bottom.
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