Polkadot price ready to break consolidation and rally 15%

Polkadot price has retested the range low for the fifth time and is finally showing signs of moving higher. A bounce from its current position could trigger a quick but brief run-up. However, this move could extend to higher levels if the momentum is strong.

Polkadot price ready for take-off. 

Polkadot price set up a range, extending from $6.85 to $11.86 and has been trading in it since mid-May. Although DOT deviated below the range low between June and July, the recovery above this level led to a 42% run-up that pushed past the range’s midpoint at $9.35 briefly.

Since August 13, Polkadot price has been on a downtrend as investors continue to book profits. This down move resulted in DOT retesting the range low at $6.85, but with Bitcoin price looking ready for a run-up, altcoins are likely to follow along.

Hence, investors should keep a close Polkadot price to open a long position and await a 15% move to $8.05. If the momentum is high enough, DOT could extend this run-up to retest the midpoint at $9.35, bringing the total gain to 33%.

DOT/USDT 1-day chart

While things are looking up for Polkadot price, a sudden downturn in Bitcoin price could ruin the bullish outlook for DOT. If Polkadot price produces a daily candlestick close below the range low at $6.85, it will invalidate the bearish thesis.

This development could see DOT retest the daily demand zone, extending from $6.51 to $5.94.

Note:

The video attached below talks about Bitcoin price and its potential outlook, which could influence Polkadot price.