Briefly –
- Polkadot has its price hovering over critical support at $31.38.
- If DOT bounces successfully from this demand zone, it will climb towards $42.71.
- However, breaching the $23.46 support floor will cancel the bullish narrative.
Polkadot recent price actions had the token overpowering a crucial supply barrier. That indicates buying pressure resurgence. If the altcoin maintains its current momentum, DOT will witness another rise to new heights. Massive bullishness will take the crypto to retest its ATH.
Polkadot Prepare an Upswing
Polkadot has registered exponential price surges over the last week. Moreover, the coin seems to continue its bullish moves. The increase from $23.46 to near $33.86 has DOT overcoming its overhead resistance at $31.38. For now, the alternative coin tests this barrier. Keep in mind that a successful bounce from the zone will confirm the bulls’ dominance.
In such market actions, DOT can rise by 17% towards its resistance level at $38.83. Meanwhile, maximized bid orders might propel DOT to $42.71. The surge will mean a 30% uptick from DOT’s current price.
Market players should know that Polkadot has room to rally towards the $50.03 highs. Meanwhile, a slight pullback is more likely. That would allow more buyers to join the market before the token moves to retest its record highs.
Despite Polkadot’s recent surge, breaking beneath the support floor at $31.38 will indicate sellers’ dominance. That can result in a plunge towards $28.60 lows. If the plummets create a lower low under $23.46, market players will have to forget about the bullish narrative. DOT might see increased losses if sellers continue to exceed buyers at this level.
Meanwhile, the altcoin market has seen promising rises over the past few weeks. For instance, Solana managed to climb to the 7th spot today. With that, SOL flipped Dogecoin.
If the alt space maintains its bullish outlook, Polkadot will climb towards its target highs. For now, DOT awaits for the correct catalysts to trigger upside moves. If that happened, the asset might see a 30% upswing from its current price. Meanwhile, broader market support is essential for Polkadot to explore its targeted price levels.
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