- Polkadot price is capped within a long-term symmetrical triangle on the daily chart.
- The digital asset is expected to erupt or fail by the end of 2020.
Polkadot has seen a tremendous rally since it started trading in August 2020, reaching its all-time high of $ 6.8 on September 1st. Since then, the digital asset has been in consolidation and is now waiting for a clear breakout or breakdown of its consolidation pattern trading at $ 5.10.
Polkadot price in a do-or-die scenario
On the daily chart, DOT has set a long symmetrical triangle pattern that looks close to a breakout or breakdown. On December 11th, the bulls defended support for the number’s lower trendline and are now aiming to push the polkadot price to the upper bound at $ 5.7.
DOT / USD daily chart
A break above the upper bound of the symmetrical pattern would drive Polkadot price towards $ 8.9 in the long run, a new all-time high. At the same time, bulls have pushed DOT above 50-SMA, 100-SMA and 200-SMA on the 4-hour chart, turning all three into support levels.
DOT / USD 4 hour chart
Polkadot has established a 4 hour uptrend that rises through several levels of resistance. The next major resistance point is at $ 5.19. A break above this level would quickly propel the digital asset towards $ 5.57.
DOT / USD 12 hour chart
However, on the 12 hour chart, another short term symmetrical triangle that is being formed acts as a strong resistance level. If the breakout above $ 5.19 is not reached, the polkadot price will move towards the lower trendline at $ 4.57. A breakdown below this point would push DOT towards $ 3.27 and would also represent a breakdown below the long-term triangle pattern on the daily chart with a target price of $ 2.