Crypto analyst Rekt Capital presented a technical analysis for Polkadot (DOT), highlighting a critical juncture that could determine its future price trajectory. The analyst points to a significant weekly close above the $8.60 resistance level, which has historically been a decisive marker for DOT’s price action.
Drawing from historical data, Rekt Capital notes that DOT’s performance at this level has been a tale of two outcomes. In 2021, when DOT successfully retested this level as support, the asset went on to achieve new all-time highs.
However, the analyst reminds traders of a contrasting scenario from earlier in 2023, where a failed retest at this same level resulted in DOT dropping to yearly lows.
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The crypto analyst emphasizes that the current retest of the $8.60 level is crucial for DOT’s upward momentum. He suggests that a successful transformation of this previous resistance into support could pave the way for substantial gains.
To reinforce this bullish outlook, Rekt Capital specifically points to the importance of securing a monthly close above this level.
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