- DOT price might launch a new uptrend after bouncing from the daily demand region in the $26.23 – $28.15 range.
- Clearing the hurdles at $32.78 might trigger a 30% climb to $36.23.
- Breaching the foothold at the $26.23 level will cancel the bullish narrative.
Polkadot (DOT) experiences retracement to a critical support zone. That is after the latest upward move. Retesting this level might offer Polkadot the essential bullish momentum to launch a new rally that may extend past the DOT’s latest swing high.
DOT Price Targets Higher Highs
Polkadot price gained 17%from 31 December 2021 to 3 January 2022. That way, the alt registered a swing high around $30.88. However, the upward actions encountered exhaustion, translating to a 6% corrects to Polkadot’s current value area – $29.07.
The retracement is nearing the daily demand region that extends inside the $26.23 – $28.15 range. Dipping into this zone of support will provide DOT the necessary bullish strength to kick-stand upward trends.
Polkadot will face the initial hurdle at $32.78, about 12% higher than its current level. Overcoming this region will present a free space for Polkadot to surge high and retest the price zone at $36.89. Presuming DOT price hits the mentioned barrier, the alt will experience a 30% surge. After that, the rally will fade as market players start taking profits.
On the other side, Polkadot has a chance of stopping its uptrends after encountering the hurdle at $32.78. Such a scenario will depict inadequate buying momentum. With that, amplified selling strength from excessive profit-booking may erase the accrued gains.
A 4hr candle closes beneath the demand region’s lower limit around $26.23 will form a lower low, abandoning the bullish narrative. Such a case might see the DOT price revisiting the support floor at $24.05.
Meanwhile, the support at $26.23 remains critical for Polkadot’s upcoming sessions. The alternative token should maintain its price movements beyond this barrier to support uptrends.
With that, the currency will see the 30% upswing without hassles. Breaching the foothold will translate to downward actions, invalidating the optimistic move for Polkadot. Nevertheless, crypto analysts remain positive about DOT’s upcoming trends.
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