Since the December 4 fall, the Polkadot price has been stabilizing and showing signals of being ready to move. DOT is expected to bounce off this barrier and initiate an upswing due to its proximity to a critical support level.
The price of polka dots is about to rise.
Due to the December 4 fall, the Polkadot price reached a swing low of $24.35. Since then, DOT has created a variety of swing highs, but the swing lows have all been around $24.84. DOT has tagged this level nearly twice in the previous eight days, indicating a double bottom formation and a move upward.
As a result, investors should anticipate the Polkadot price to rise. However, there is a probability that DOT would retest the $24.84 support level for the third time in a rare circumstance. A triple bottom setup would result from this move, suggesting that an upswing is even more probable.
The first obstacle Polkadot price will face on its journey up is $29.54, which is nearly 14% higher than its present position of $26.01. After that, DOT will test the $30.92 resistance level, which indicates a 20% upsurge.
Polkadot’s price might rise to $35.04 in a strongly optimistic scenario with increased purchasing pressure, indicating a 34 percent gain.
While things seem to be improving for Polkadot pricing around the $24.84 support level, a breach may cause traders to be concerned. However, DOT will make a lower bottom if it makes a swing low below $24.35, undermining the bullish argument. Polkadot’s price may return to the immediate support level of $22.66 in this situation.