Previous article Polkadot price outlook: DOT/USD poised above critical support at $35 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Polkadot price outlook: DOT/USD poised above critical support at $35 Polkadot price outlook: DOT/USD poised above critical support at $35 By - min read 18 March 2021 Polkadot (DOT) could retest its all-time high or flip negative and revisit recent lows Polkadot (DOT) is trading above a critical support level, with the price likely to break in either direction. At the time of writing, the DOT/USD pair is changing hands around $36 and is in an uptrend. However, the cryptocurrency has struggled to break clear off the support line at the 20 EMA ($35.08) on the daily chart. Buyers are thus likely to be interested in the price action above or below $35. DOT price outlook As seen on the daily chart, the Relative Strength Index (RSI) hovers above 50 to suggest bulls have the upper hand. The formation of a symmetrical triangle pattern means DOT is poised for an upside breakout if the continuation setup suggested by the pattern holds. In this case, bulls can target a move towards the descending trend line of the triangle. The scenario could call for buy orders above the resistance line at $38. If the price moves higher off these hurdles, increased buying pressure could push it past the all-time high of $42 reached on 20 February 2021. Further gains driven by a rallying market could see bulls target $52, an expected supply zone based on the projection of the symmetrical triangle pattern’s height. DOT/USD daily chart. Source: TradingView Contrary to the above outlook, DOT/USD could also dip towards lows of $20. This perspective will have its initial signal if bulls fail to consolidate above the 20-day EMA and prices decline to the ascending trend line. This is because a symmetrical triangle pattern can also suggest a potential trend reversal. The MACD remains in the positive zone but could signal a reversal of momentum if it cuts below the signal line. A strengthening of the bearish momentum could happen if bulls cede advantage and DOT/USD declines to $30. The negative divergence of the RSI (and a possible flip below 50) could hint at a decisive move by the bears. If the bears strike with prices below the horizontal line at $28, the next stop could be at $20. Share this article Categories Analysis Tags Polkadot News