- 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.
Feel free to share your opinions in the section below.