- Polkadot has seen its price registering higher lows and higher highs since the first sessions of August.
- According to the price moves, DOT expects a massive upside move if it can overpower the resistances on the way up.
- If Polkadot manages to secure $25.10, the alt will ride 40% upside waves.
Polkadot (DOT) price appears to prepare for a 40% uptick as the crypto extends its higher lows and higher highs. DOT surges more than 116% since its 20 July lows, translating to levels not witnessed wince 21 June at $23.51.
Polkadot Awaits a Rally
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According to the 12-Hr price chart, Polkadot sees its price forming an upside parallel channel. Such actions come as DOT recorded higher troughs and higher peaks consecutively.
Meanwhile, the dominant technical pattern shows that the coin will move higher in the coming session, targeting a 21% uptick from the top border of the price channel at $31.31, 20 May highs.
For now, the 61.8% Fib extension at 23.37 remains the initial obstacle that Polkadot will face. After that, it will have to overcome the top trend-line of the existing pattern around $25.10, coinciding with the MRI’s breakout line.
The last challenge for the crypto to attain its bullish targets is around the 78.2% Fib extension at $26.83. Investors need to beware that DOT will fulfill the bullish prediction with increased buy pressure to confirm progressed interest and catalyze upside moves.
However, if buys failed to challenge sellers to take prices higher, the crypto will extend its sideways movements inside the parallel channel. That would happen until either bears or bulls dominate the market to suggest the next move.
Polkadot has its initial defense line near the 200 twelve-Hr SMA at $21.07, approaching the Fib extension at 50%. Increased selling pressure might send DOT down towards the lower border of the channel at $20.47.
In cases where Polkadot falls beneath the support area mentioned above, the asset will test the support by the MRI around $19.88 before plunging to find support at $18.40 and 38.2 Fib extension.
What are your thoughts concerning DOT’s next moves? Share your views below.
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