Polkadot has managed to recover solidly from the downturns in altcoins after massive sell-offs in major cryptocurrencies.
Although the DOT has broken through a crucial downtrend line, it still needs to break through a few hurdles to rise. The cryptocurrency needs to pass a $17 breakout barrier so it can signal a rise to $20.
DOT price does not seem to have enough strength for an upward move yet. However, it signals that an upside increase is possible as a result of the existing squeeze (This squeeze is also called a triangle formation by analysts).
As a result of this triangle formation that will take place, it is possible to predict either a high upward increase or a downward regression.
There is a strong possibility to expect the triangle pattern to be bullish after a lot of bullish attempts 1 week ago.
Therefore, it can be expected to rise above the first target of $ 17.
DOT price squeeze could cause an upside move
We’ve seen a lot of potential in the recovery of all major cryptocurrencies in the last few days. As a result of the current squeeze, DOT can throw itself higher unlike other cryptocurrencies.
We’ve seen DOT struggle to get above $17 a total of seven times in the past three weeks.
After trying $17 this time, it can be expected to close the day above $17.
As you can see on the chart, there are signs that it is time to move above $1.94. For now, the purchasing power is still evident. On the downside, we are still seeing higher lows. DOT could squeeze into this $16.94 level in the coming hours or days.
If the green ascending trendline breaks down in the absence of buyers, a drop to the $10 minimum is likely. At this level, the DOT price has monthly support. It may take a short time to recover after this strong support.