- Polkadot price has tagged the $24.84 support floor twice, suggesting that the bulls are building up momentum.
- Investors can expect DOT to see a quick 20% run-up to $30.89 from its current position.
- If the altcoin sets up a swing low below $24.35, the bullish thesis will face invalidation.
Polkadot price has been consolidating since the December 4 crash and shows signs that it is ready to make a move. Due to its presence near a crucial support level, DOT is likely to bounce off this barrier and trigger an upswing.
Polkadot price gets ready to move higher
Polkadot price set up a swing low at $24.35 due to the December 4 crash. Since this point, DOT has erected variable swing highs, but the swing lows have been in the proximity of $24.84. Over the last eight days, DOT has tagged this barrier roughly twice, suggesting a double bottom formation and an indication to move higher.
Therefore, investors can expect Polkadot price to move higher. However, in a special case, there is a chance DOT might retest the $24.84 support level for the third time. This move would lead to a triple bottom setup, indicating an upswing is even more likely.
The $29.54 hurdle is the first barrier Polkadot price will encounter on its way up and is roughly 14% away from its current position – $26.01. Beyond this, DOT will revisit the $30.92 resistance level, indicating a 20% upswing.
In a highly bullish case where the buying pressure increases, Polkadot’s price could extend to $35.04, representing a 34% ascent.
DOT/USDT 4-hour chart
While things are looking up for Polkadot price around the $24.84 support level, a breakdown will alarm the traders. However, if DOT produces a swing low below $24.35, it will create a lower low, invalidating the bullish thesis. In this scenario, Polkadot price might revisit the immediate support level at $22.66.
