Polkadot's price looks to be stuck in a sideways range where we do not see much real price momentum for a move to the upside. But a squeeze seems finally ready to be set and push DOT price above that $17 level we have been discussing since last week.
We have seen much potential these past few days in the price recovery of all the significant cryptocurrencies. It was a very whipsaw reaction since this weekend. But now, it looks like the bar is set to the upside for Polkadot price and others to go higher. The global risk-on sentiment in Crypto markets is still intact.
DOT price will need that perfect surrounding to be able to jump above $17 as the support level has already been tested seven times in the past three weeks. Today it looks set for another retest.
Once above, Polkadot's price still sees minimal upside potential. With the 200-day Simple Moving Average at a price of $19.20, the upside looks relatively capped. Add to that the monthly pivot at a price of $19.50, and buyers will have two reasons to sell. Short-sellers will be watching those support levels to build up a short position.
It looks like it is time for breaking higher above the price of $16.94. For the moment, however, buying power is still there; as to the downside, we still see higher lows. DOT price will squeeze against that $16.94 level in the coming hours or days.
Should the green ascending trend line breakout to the downside in the absence of buyers, expect a test of $10 as a psychological level. Just below, DOT price has its first monthly support coming in.
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