DOT has been consolidating since 4/12 and is preparing for a 20% increase

Polkadot (DOT) price has consolidated since the December 4th crash and is showing signs of recovery. Given its presence near critical support, the DOT is likely to ricochet off this barrier, triggering bullish momentum.

The DOT price is ready to go higher

Polkadot price established swing lows at $ 24.35 since the December 4th crash. Since then, DOT has built swing highs, but swing lows hover around $ 24.84. In the past eight days, DOT has hit this barrier twice, suggesting a double bottom formation and signs of upward movement.

Hence, investors can expect the price of DOT to move up. However, in a special case, there is a possibility that the token will retest the support level of USD 24.84 for the third time. That move will result in a triple bottom build, suggesting even greater upside potential.

The resistance at USD 29.54 is the first hurdle to overcome and is about 14% away from the current position (USD 26.04). Additionally, DOT will hit the $ 30.92 resistance, indicating a 20% increase.

In the event of a strong uptrend with mounting pressure to buy, the DOT price can rise to $ 35.04, an increase of 34%.

DOT / USDT. 4 hour chart

As DOT consolidates its position around the $ 24.84 support, a breakdown will be worrying for traders. If the DOT hits a low below $ 24.35, a lower low will appear and invalidate the bullish thesis. If so, the token could fall back to the immediate support at $ 22.66.

You can see the DOT prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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