Briefly –
- Polkadot had its price tagging the support floor at $24.84 twice, indicating that DOT bulls gathered momentum.
- Market participants can expect the alt to surge 20% for a quick run-up from its current level to $30.89.
- Meanwhile, Polkadot’s swing low beneath $24.35 will nullify the bullish tale.
Polkadot (DOT) had its price consolidating since the 4 December crash. For now, the alternative coin seems ready for a move. As DOT stands near a critical support zone, it has chances to bounce from the barrier, triggering an upward journey.
DOT Prepares for an Upward Move
The early December market fall had DOT setting up a swing low near $24.35. The alt has formed multiple swing highs since then. However, these swing points were near the $24.84 mark. Polkadot has touched this barrier around twice within the past eight days. That suggests a double bottom shape, indicating higher price moves.
For now, altcoin enthusiasts can expect a higher move from DOT. Nevertheless, the altcoin has a chance to retest the support barrier at $24.84 for the 3rd time. Such a move will translate to a triple-bottom formation, confirming an upswing.
Polkadot will meet its first barrier at $29.54 while in its upside trip, leading to a nearly 14% surge from DOT’s current level of $26.01. Enough bullishness will have Polkadot revisiting the resistance at $30.92, confirming a 20% surge.
An amplified buying momentum can see DOT’s price extending towards $35.04, presenting a 34% upsurge.
As things appear lucrative for DOT around the support of $24.84, breaching this level will alarm investors. Moreover, a swing low beneath $24.35 will form a lower low, canceling the bullish thesis. Such a case might witness Polkadot revisiting the immediate support zone at $22.66.
For now, Polkadot seems to stabilize as it awaits a 20% upswing. That comes as digital assets attempt recoveries following the latest fall. Bitcoin matches towards $50K after facing rejection from the level within the past sessions. Bitcoin surge past this zone can trigger bullishness across the crypto space, supporting alts, including DOT, attain their optimistic price targets.
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