The great danger that loomed over the Polkadot price during 23-24 April has passed successfully. Buyers managed to keep the critical point 26.4, which we wrote about in the previous article.
In the daily timeframe, we see that after a dangerous daily candle on 23 April, sellers failed to push the price below the next day:
Polkadot (DOT) Buyers Fail to Exploit Weakness of Sellers
Thus, 24 April was the official signal of the weakness of sellers and the beginning of a new growth wave in the Polkadot (DOT) market.
However, were buyers able to confidently use this advantage to break the grueling DOT consolidation that has been going on for almost 3 months? If we pay attention to the trading volumes, we understand that the interception of buyers’ initiative in the market did not happen.
If you compare the current local wave of DOTUSDT price growth with the previous one, it even looks weaker. In addition, the 4-hour timeframe clearly shows the price movements pattern in the range of $38-40:
Confident Polkadot Price Growth to Continue Above $38-40
As you can see in the chart, on 18 April and 10 May, the sharp fall wave of the DOT price began just after buyers lost control of $38-40. And this is the second time buyers are trying to fix above this range and cannot do it.
The current attempt of buyers to return to the trend still looks uncertain. On 19 April, buyers tried to regain their positions after a sharp fall. Though, after testing the range of $38-40, the price continued to fall.
The DOTBTC pair chart shows that the mood to continue the token growth begins to fade:
Sellers are trying for the second time to break the trend line of buyers down. While buyers no longer have the strength to update the highs. The consolidation range on the DOTBTC chart has narrowed as much as possible. And we expect a strong price boost in the near future.
Although, at the moment it is difficult to say with certainty in which direction this impulse will happen. Below the range of $38-40, it is dangerous to buy DOT, as the DOT price can collapse to $18-20 if the consolidation breaks down. The critical point of this scenario is $29.