Polkadot price underwent a monstrous rally and surge beyond $50 in a very short span of time. Further shedding its gains over time, the asset dropped down below $20 to attain the level of around $15. While more speculations of the price sliding towards $10 outspread in the market, the DOT price ignited a strong flip that ranged high beyond $20 in the past 10 days. And hence a decent rally may be ignited any time during the weekend.
The bullish breakout from the descending triangle was set up when the asset achieved the $20 resistance. No doubt the breakout is still awaited but forming multiple higher highs signals a trend reversal which could uplift the price towards the $25 levels. Currently, the momentum is pretty bullish in the short-term while neutral in the mid-term and in the long term. And hence one can expect a significant uptrend in the STF which can set up a similar trend in the HTF.
The DOT price since the beginning of the monthly trade maintained a significant bullish parallel channel. Despite a couple of pullbacks, the price maintained the lower support and bounced back efficiently. Adding to the substance, the price has made a firm bounce from the middle levels displaying its extreme bullish momentum ahead. Therefore, a breakout from the channel is expected anytime in the upcoming weekend. Moreover, the demand of the buyers is slowly exceeding the seller’s supply. And this could mount a buying pressure uplifting the Polkadot price soon.