Polkadot In The Process Of Retesting New Support, Analyst Anticipates a 30% Rally If DOT Retests This Level
Crypto analyst Rekt Capital published an in-depth DOT chart update as part of his recent newsletter. He notes an important support/resistance flip, potentially setting the stage for a sizable upside:
Rekt Capital observes that DOT is currently aligning with the indicated blue path. The cryptocurrency is undergoing a retest of the green area with the intention of establishing it as a fresh support zone. Notably, Rekt Capital emphasizes the historical significance of this green area, serving as a formidable resistance point in both late 2020 and early 2023.
While it acted as a robust resistance previously, there is now an opportunity for the green area to transform into a supportive foundation for DOT.
This green zone around $7 has repeatedly rejected Polkadot price advances on multiple occasions in the past. However, DOT finding bids here instead of selling pressure would confirm a macro-narrative shift.
Flipping prior resistance to support allows for bullish continuation back towards the cited Range High near $12, according to historically observed behavior.
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Show more +If the price holds this green area as support, this would mean two important things. The first thing we’ve already touched upon – an old resistance would flip into a new support. But we must also emphasize a second thing, and that’s the possibility of the Range High resistance itself weakening:
A successful retest of the $7 zone makes DOT overdue for 30%+ upside towards range resistance. But perhaps more importantly, this would demonstrate weakening seller conviction at those higher levels, increasing the probability of an eventual breakout.
In summary, Rekt Capital lays out the constructive outlook for Polkadot, with DOT appearing poised to reclaim vital support, setting the stage for further upside progress over the medium-term horizon.
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