Following the sell-off in major cryptocurrencies, the Polkadot price has made a strong comeback.
Despite the fact that Polkadot broke a key bearish trend line, the upside appears to be fairly restricted.
The upside bounce off the declining trend line seemed encouraging, but DOT was unable to break $16.94.
Polkadot price had a five-day winning streak before failing to close over $16.94. Since June, this level has been tested seven times.
In the crypto world, price activity usually moves at a certain rate. Technical preparations are typically performed in a matter of hours or days. However, the technical play that is currently taking place in the Polkadot pricing appears to be one that will last a long time. Traders who want to profit from DOT’s upward potential appear to need to be patient.
Following a drop below $13 on June 22, DOT began seeking for upward potential, but it was denied four days in a row at $16.94, and it didn’t end there. After breaking the bearish green trend line to the downside, buyers stepped back in on the green ascending trend line and pushed the price back up above $16.94. Even still, $16.94 was held, and the Polkadot price could not break above for three days in a row.
Expect the Polkadot price to drop further in order to find support from buyers around $13.40 on the green ascending trend line. DOT sees upside potential to $19.45, which is the monthly pivot, once that level of $16.94 is broken.
Daily DOT/USD chart
Polkadot pricing appears to be taking its time moving higher above $16.94. But, for the time being, there is still buying power on the downside, as evidenced by higher lows. Slowly but steadily, DOT will be pushed below the $16.94 mark.
Expect a test of $10 as a psychological level if the green ascending trend line breaks to the negative in the absence of buyers. DOT has received its first monthly support, which is listed below./n
