Polkadot price sets the stage for a 36% rally as DOT bulls conquer critical hurdle
- Polkadot price has recovered inside the $6.36 to $8.79 range, hinting at an incoming uptrend.
- Investors can expect a 17% northbound move to tag the midpoint at $7.57, which could extend to $8.79 in a highly bullish case.
- Invalidation of the bullish thesis will occur if DOT produces a daily candlestick close below $6.09.
Polkadot price shows signs of recovery as it conquers a key hurdle. This development could be the beginning of a steady uptrend to levels last seen in August 2022.
Polkadot price hints at a bullish future
Polkadot price created the $6.36 to $8,79 range in June 2022, and has been hovering below it for quite some time. The last two bullish moves to get back into the range failed and the latest attempt from buyers seems to be working as DOT looks primed for a leg-up.
The first level of target for Polkadot price is the range’s midpoint at $7,57, which would constitute a 17% ascent. However, a flip of this barrier could extend the journey of DOT bulls to $8.79, bringing the total gain to 36%.
Therefore, investors need to keep a close eye on Polkadot price as it could kick-start an impressive upswing soon.
DOT/USDT 1-day chart
Regardless of the recent entry into the $6.36 to $8,79 range, Polkadot price needs to hold its ground. A failure to do so could signal a weak buyer camp. If DOT flips the $6.09 support level into a resistance barrier, it would create a lower low and invalidate the bullish thesis.
Such a development could see Polkadot price crash to $5.63.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
