Polkadot’s DOT Must Clear This One Crucial Resistance to Unlock Run to $7

2023-11-3 16:23

Polkadot’s price action has formed a structure that could lead to further upside if key levels are broken, according to crypto analyst Rekt Capital. Let’s examine the potential path forward for DOT in the weeks ahead.

DOT Finds Support Above Demand Zone

As Rekt Capital points out, Polkadot recently dug into its historical demand area between $3.5 and $4. This demand zone provided strong support, allowing DOT to form a new market structure.

After retesting the bottom of this structure as support, DOT appears ready for the next leg up, if bulls can maintain the current floor.

Breaking Downtrend Resistance Could Unlock Further Gains

DOT has built an ascending structure rising along a diagonal resistance since June. This descending trendline currently sits around $5.

Rekt Capital notes that if DOT can break through this diagonal resistance decisively, it opens the door to revisit higher levels around $7.

Key Levels to Watch

To summarize, the key levels to watch for DOT are:

Support at $3.5-$4 demand zone needs to hold Break above $5 downtrend resistance could signal a bullish breakout Above $5 opens upside path back towards $7

Read also:

https://captainaltcoin.com/these-are-the-two-tokens-that-experts-predict-will-go-10x-by-the-end-of-the-year/ https://captainaltcoin.com/why-is-kaspas-new-upgrade-huge-for-kas-holders/ https://captainaltcoin.com/crypto-veteran-clears-the-air-on-solana-vs-ethereum-debate/

If DOT bulls can maintain the demand zone floor and push the price over downtrend resistance, Polkadot could be poised to climb back towards its recent highs in the weeks ahead.

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The post Polkadot’s DOT Must Clear This One Crucial Resistance to Unlock Run to $7 appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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