- Polkadot price broke out of a falling wedge pattern, rising 82% to a multi-month high.
- DOT could climb 15% to reclaim the $8.6090 level as part of a full-cycle healthy retest.
- The bullish thesis will be invalidated if the altcoin breaks and closes below the midline of the order block at $6.6010.
Polkadot (DOT) price is trading with a bullish bias, nurturing a recovery rally after a recent correction. It comes amid broader market bullishness, led by Bitcoin, with altcoins following behind for directional bias.
Also Read: Altcoins follow as BTC shows no signs of stopping
Polkadot price eyes 15% climb
Polkadot (DOT) price is nurturing a V-shaped recovery, after bouncing into a strong order block for what crypto trader and analyst Rekt Capital calls a “successful retest.”
DOT price could extend the gains 15% to reclaim the $8.6090 local top, steered by bullish technicals. For starters, the position of the Relative Strength Index (RSI) at 60 shows there is still more room north before DOT is considered overbought.
The Moving Average Convergence Divergence (MACD) is also in negative territory, suggesting the bulls maintain a strong presence in the market.
In a highly bullish case, Polkadot price could extend the gains to the $9.0000 psychological level.
DOT/USDT 1-day chart
Conversely, if traders cash in on the gains made over the last two days, Polkadot price could drop with a break and close below the $6.6010 centerline confirming the continuation of the downtrend.
In a dire case, Polkadot price could roll over to the $6.0000 psychological level. Such a move would denote a 20% fall below current levels.
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