Polkadot price ready to break consolidation and rally 15%

Polkadot price stabilizes around the range low at $6.85, hinting at a reversal.
Investors can expect DOT to trigger a 15% rally to $8.05.
A daily candlestick close below $6.85 will invalidate the bullish thesis.

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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.