- Polkadot price is contained in a symmetrical triangle pattern on the 4 hour chart.
- The digital asset is facing an important level of resistance that could be the key to new all-time highs.
- Investors are interested in polkadot as a possible alternative to Ethereum in the long term.
Polkadot has been in consolidation since February 20 when it hit its new all-time high at $ 42.2. The digital asset has been trading in a narrower range and is waiting for a significant breakout or breakdown.
Polkadot price has the potential to hit new all-time highs above $ 50
On the 4-hour chart, a symmetrical triangle pattern that has formed over the past two weeks will be critical to the future of Polkadot. Bulls need to push DOT above a key resistance level of $ 34.3, which coincides with the 50-SMA and 100-SMA levels.
DOT / USD 4 hour chart
Recapturing this key level will quickly propel Polkadot price towards the upper trendline of the pattern at $ 36.6. A break above this point would have a long-term target price of $ 51 based on the maximum height of the pattern.
Polkadot also announced today a partnership with IOST to achieve mass cross-chain interoperability. This new alliance will allow users to conduct transactions across all Polkadot supported blockchains in the future. The most significant development in the past week was the integration of Polkadot into Ledger.
On the other hand, a rejection of $ 34.3 causes a decline towards the lower bound of the pattern at around $ 32. A breakdown below this critical point should push the Polkadot price below $ 20, another 40% move.
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