Why Polkadot (DOT) Encounters Uphill Challenge to $30

ByDawn Pipkin

Apr 20, 2022
  • DOT price presents an ongoing recovery rally following a 28% drop between 2 April and 11 April
  • The upward move should conquer the breaker at $21.08 – $23.06 for a leg-up to $30.50.
  • A daily candle closing beneath $15.83 will annul DOT’s bullish thesis

Polkadot price displays an empath to climb higher, but DOT bulls should prepare for many obstacles plaguing the token’s upward path. Though an uptrend seems possible due to the bullish structure of the overall market, massive buying momentum surges remain essential for DOT’s price surge.

Polkadot Price Ready for Northward Move

Polkadot’s price remained stuck within the $15.83 – $23.15 trading range, formed during the 8 February session. Meanwhile, the deviation on 24 February saw Polkadot surging approximately 69%, briefly moving past the $23.15 range high before setting the $23.85.

However, bulls could not keep the momentum, translat8ng to a drop into the mentioned range. DOT has lost 28% (since then), sliding beneath the 50% retracement zone to its current price of $18.68.

Though the broad market shows recovery gestures, DOT will likely struggle to move higher. The alternative token should overpower the breaker, stretching between $21.08 and $23.06, and the hurdle at $24.18 to extend the upside.

Overcoming these obstacles will clear the road for Polkadot to hit the hurdle at $30.50. The upswing will mean a 65% surge from DOT’s current price.

On the other side, Polkadot’s failure to move high may mean a rejection that sends DOT to $15.83. A rebound from the level may see buyers trying to ensure recoveries. Nevertheless, a 24 –hour candlestick closing beneath $15.83 will cancel the bullish narrative and catalyze a downward move to $13.64.

Meanwhile, the crypto market shows healthy price actions as most tokens flash green. The global crypto market capitalization surged 2.01% within the past 24 hours to $1.92 trillion. Also, Bitcoin stretches its recovery from the recent lows, standing with gains at $41,447.10 at this publication.

Polkadot also rides bullish waves. DOT traded at $19.03, gaining 4.54% over the past day. Though the alt eyes the peaks at the $30 value region, bulls should gang up to back the uptrend. Polkadot’s upside path has multiple obstacles.

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