Polkadot has been rallying, up more than 55% in the last 2 weeks. This price spike might be just the beginning, as popular analyst World of Charts is seeing a possibility of another 100% price spike.
From his observations, Polkadot has recently experienced a rally, achieving over 40% profit from its lows. This positive trend positions the cryptocurrency near a crucial descending trendline, which has historically served as a barrier to upward movement.
Additionally, a key horizontal resistance zone sits just above the current price, representing a point where selling pressure has previously dominated.
The analysis indicates that if Polkadot can successfully break through both the descending trendline and this horizontal resistance, it may signal a bullish continuation, with a projected price target of $11 to $12 in the upcoming weeks.
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The bullish projection zone, illustrated on the chart, aligns with historical resistance levels and suggests a strong potential for growth. The recent rally reflects renewed buying interest as Polkadot rebounds from a significant bottom, indicating a broader market recovery.
A technical perspective suggests two scenarios: DOT could continue its upward movement if it breaks through resistance levels, but failure to do so might trigger a reversal. Market dynamics, including broader economic conditions and Bitcoin’s price action, could affect DOT’s trajectory.
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