Polkadot (DOT) Forms a Bottom, Gathering Momentum for 25% Surge
- DOT seems to leave its local bottom around $24.85 as recovery emerges.
- Market players can expect Polkadot to extend its ascent and register a 25% rally, retesting $36.84.
- Breaching beneath the swing low at $24.84 will cancel the bullish narrative.
Polkadot price formed a swing high following the latest market tumble. Moreover, the altcoin has confirmed an upcoming upward journey. As the global markets recover, Polkadot might print a lucrative outlook soon.
DOT Price Prepares Higher Highs
Polkadot’s price formed a swing low near $24.84 after the 4 December market crash. Within 27 hours, DOT displayed a higher low, confirming increased buying momentum. Furthermore, the alternative coin printed a higher high during the 7 December sessions, suggesting the upward journey has started.
If this bullish strength continues in the upcoming sessions, market participants may expect DOT to register a 12% rally from its $29.52 – $35.05 range. Though this move will encounter resistance, Polkadot might extend its upswings towards $36.84, collect the liquidity beyond the level to fuel further surges. That would translate to a 25% surge, forming the base for a more advanced retrieval where DOT may target a $55.09 ATH retest.
On the other side, Polkadot’s failure to keep in upsurge intact might see the alternative coin heading lower for a lower low beneath the latest swing point near $28.02. Such a development is conducive for downswings. Thus market players need to be cautious.
If the crypto witnesses increasing selling pressure, Polkadot may revisit the support level at $24.84. Breaching this price barrier will print a lower low, canceling bullishness for DOT price.
For now, Polkadot’s price seems to have the steam for a 25% advance. That comes as the altcoin printed a bottom, triggering upward actions. The crypto seems to have what it takes to touch $36.84.
However, broad market support might be necessary for DOT to keep away vital levels for upward move support. Meanwhile, BTC finds the $50,000 level challenging to crack. A move past this psychological level can mean bullishness across the crypto space. That way, DOT will receive more support to hit its optimistic aim.
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