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Polkadot could rise more than 20% if key resistance breaks, analyst points out

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The Polkadot (DOT) price has been consolidating since the December 4th crash and shows signs that it is ready to make a bullish move.

This is the opinion of Akash Girimath, FXStreet analyst. He pointed out that the high in cryptoactive is ddue to its presence near a crucial support level.

“DOT will likely bounce off that barrier and trigger an ascent,” he said.

In addition, Girimath claimed that Polkadot’s price hit a fluctuating low of $24.35 due to the December 4th crash.

Since then, the cryptoactive has fluctuated, but these minimum variations have been around $24.84.

“Over the past eight days, DOT has marked this barrier about twice, suggesting a double bottom formation and an indication to move higher,” he said.

Therefore, as the analyst pointed out, investors can expect the Polkadot price to rise. However, there is also a chance that DOT will retest the $24.84 support level for the third time.

“This move would lead to a triple bottom configuration, indicating that a rise is even more likely,” he points out.

Polkadot

The analyst pointed out that the $29.54 barrier is the first hurdle Polkadot’s price will encounter on its rise. This price is about 14% of its current position, $26.01.

“In addition, DOT will revise the $30.92 resistance level, indicating a 20% increase,” he said.

Girimath also highlighted that, in the event of a rise, where buying pressure increases, the price of Polkadot could be extended to US$ 35.04. This represents an increase of 34%.

Polkadot could rise more than 20% if key resistance breaks, analyst points out

 

“While things are improving for Polkadot’s price around the $24.84 support level, a collapse will alarm traders,” he said.

Finally, he said that if altcoin drops below $24.35, it will invalidate the bullish thesis. In this scenario, Polkadot price may revisit the immediate support level at $22.66.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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