Rancakmedia.com – The polka dot DOT prices have stabilized since the Dec. 4 drop and suggest indicators are poised to move on. For this reason, it is most likely that the stock will break the current support level and initiate an upward advance.
The price of Polka Dots edged lower at $24.35 on the December 4 drop. Since then, the DOT has created multiple swing highs, while swing lows have been in the $24.84 area. Over the previous eight days, the DOT had marked this barrier nearly twice, signaling a double bottom formation and hints to move higher.
Therefore, investors may be anticipating Polkadot's price to move higher. However, there is a risk that the DOT may test the $24.84 support level a third time under extraordinary circumstances. This move would lead to a triple bottom configuration, indicating that a bullish move is more likely.
Polka dot prices are ready to go up
The $29.54 barrier is the first barrier the Polkadot DOT price will face on its way up and is about 14 percent from its current position – $26.01.
Beyond this, Polkadot DOT price will revisit the $30.92 resistance level, suggesting a 20 percent gain. As long as buying interest is strong, the Polkadot DOT price may rise to $35.04, up 34% from current levels.
While things are looking better for Polkadot price around the $24.84 support level, a collapse will scare traders.
However, if the DOT produces a swing low below $24.35, it will form a lower low, contrary to the bullish argument. Polkadot price may return to the immediate support level $22.66 in this situation.
That's the information we can convey, hopefully it can help all of you, don't forget to always update the latest information from us, thank you.
What does the Polkadot DOT Crypto do?
Polkadot allows cross-blockchain transfers of any type of data or asset, not just tokens. Connecting to Polkadot gives you the ability to interoperate with various blockchains on the Polkadot network.
Polkadot DOT prices have stabilized since the Dec. 4 drop and suggest indicators are poised to move on. It is likely that the stock will break the current support level and initiate an upward advance.
The DOT is about to revisit the $30.92 resistance level, which is about 14 percent away from its current position – $26.01. Beyond this, Polkadot's price may rise to $35.04, up 34% from current levels.