Polkadot Brokeout from the Descending Consolidation, Will DOT Price Hit This Weekend?
Polkadot price underwent a monstrous rally and surge beyond $ 50 in a very short span of time. Further shedding its gains over time, the asset dropped down below $ 20 to attain the level of around $ 15. While more speculations of the price sliding towards $ 10 outspread in the market, the DOT price ignited a strong flip that ranged high beyond $ 20 in the past 10 days. And hence a decent rally may be ignited any time during the weekend.
The bullish breakout from the descending triangle was set up when the asset achieved the $ 20 resistance. No doubt the breakout is still awaited but forming multiple higher highs signals a trend reversal which could uplift the price towards the $ 25 levels. Currently, the momentum is pretty bullish in the short-term while neutral in the mid-term and in the long term. And hence one can expect a significant uptrend in the STF which can set up a similar trend in the HTF.
The DOT price since the beginning of the monthly trade maintained a significant bullish parallel channel. Despite a couple of pullbacks, the price maintained the lower support and bounced back efficiently. Adding to the substance, the price has made a firm bounce from the middle levels displaying its extreme bullish momentum ahead. Therefore, a breakout from the channel is expected anytime in the upcoming weekend. Moreover, the demand of the buyers is slowly exceeding the seller’s supply. And this could mount a buying pressure uplifting the Polkadot price soon.
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