Polkadot price formed a descending trend line during the recent down move which is heading towards the $16.19 support. If the price breaks the $16.19 support, we would be dead bearish on the Polkadot price. However, in our view, this break is unlikely, which is why we assume that the price will break the trend line. Recently, the course had a similar formation. A trendline was also formed there, which is heading towards the $16.19* support. Once the price reached the support, a breakout occurred, so we expect Polkadot price to break out soon.
If there is a bullish breakout, which we expect, we expect the price to rally to the nearest resistances. For comparison, in the last up move, when Polkadot price broke a trend line, the price rose 45%. Now we expect a similar increase. However, we would start taking profits as early as $20 as that is where the first resistance is. After that, the polkadot price might continue its climb towards $22.48.
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