Polkadot price holds above $4.2 – Will DOT see a 20% move higher?

• Polkadot retained a bearish structure on the daily and 4-hour price charts.
• Despite the lack of buying pressure, a 20% price move higher could commence in the next few days.

Polkadot [DOT] showed it was bearish in the long term, but it could see a 20% price bounce over the coming days.

This does not necessarily indicate that the short-term outlook was bullish. Rather, it reflected the consolidation phase that Polkadot has been in since early February.

The altcoin has been consolidating above the $4 level for a month now. This level was just above the November lows that spurred the rally to $11.65. Traders can use this consolidation profitably.

The Polkadot price targets for this week

Source: DOT/USDT on TradingView

The technical indicators showed bearishness and neutrality for DOT. The Awesome Oscillator was below 0 to signal downward momentum, but the CMF showed no significant capital flow in or out of the market.

The…