The four-hour chart shows that a rising trend line has capped the price since the middle of August. The trend has been a constant source of rejection for the price and the catalyst for last week’s technical reversal. Furthermore, the trend which is currently seen at $39.00, proved the high for the last two days.
Therefore, as long as Polkadot stays below the trend line, a correction is possible. In that event, some obvious downside targets emerge. A rising trend line at $34.00 from last week's low is the first support level. Below that, the 21st of August high around $29.50 offers the next level of support. However, if the Polkadot price manages to clear $39.00 an extension to the $42.00-$45.00 is probable. Furthermore, above $45.00 and the all-time high of $49.77 could be under threat.
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Therefore, as long as Polkadot stays below the trend line, a correction is possible. In that event, some obvious downside targets emerge. A rising trend line at $34.00 from last week's low is the first support level. Below that, the 21st of August high around $29.50 offers the next level of support. However, if the Polkadot price manages to clear $39.00 an extension to the $42.00-$45.00 is probable. Furthermore, above $45.00 and the all-time high of $49.77 could be under threat.
Feel free and get in touch for more ideas and trade signals
