polkadot. wooden cubes with the inscription polkadot on the background of the distributed defi network
In today’s trading session, Polkadot’s price has surged by 4 per cent and extended yesterday’s 5 per cent aggressive push to the upside. The price has also recently broken into the support and resistance structure of $7.4 and $9.3, respectively.
Since the late hours of the June 18 trading session, Polkadot has been trending aggressively upwards. The current strong bullish push started after the crypto pierced through the $7.4 support level and set a new price low of $6.4.
However, the prices failed to continue downwards and started an aggressive push to the upside, which saw the Polkadot close the June 18 session at $7.05. The start of the current upward trend was followed by two consecutive bull runs that resulted in a 15 per cent price surge. However, the next two trading sessions, the June 21 and 22 sessions saw the prices correct and set up the current strong bullish trend, which started yesterday and has already seen the prices rise by 10 per cent.
My Polkadot price prediction expects the current two consecutive bull runs to continue for the next few trading sessions. However, having looked at the most recent price action, there is a high likelihood that we are currently in a bullish trend reversal.
Therefore, I expect the prices to continue rising until they hit the $8.4 resistance level. After that, there is a high likelihood that we will see the prices break out of the resistance level to the upside. This will set the Polkadot price to continue moving upwards and likely hit the next resistance level of $9.3. A possible trade above $10 is also possible based on the current price action analysis.
However, my trade will be invalidated if the prices trade below the $7.4 support level again. It will also mean a resumption of the bearish trend if the prices retrace back to that level again.
This post was last modified on Jun 24, 2022, 16:02 BST 16:02