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<p>Crypto analyst <strong>Rekt Capital</strong> published an in-depth DOT chart update as part of his recent newsletter. He notes an important support/resistance flip, potentially setting the stage for a sizable upside:</p> 
<p>Rekt Capital observes that DOT is currently aligning with the indicated blue path. The cryptocurrency is undergoing a retest of the green area with the intention of establishing it as a fresh support zone. Notably, Rekt Capital emphasizes the historical significance of this green area, serving as a formidable resistance point in both late 2020 and early 2023.</p> 
<p>While it acted as a robust resistance previously, there is now an opportunity for the green area to transform into a supportive foundation for DOT.</p> 
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<p>This green zone around $7 has repeatedly rejected Polkadot price advances on multiple occasions in the past. However, DOT finding bids here instead of selling pressure would confirm a macro-narrative shift.</p> 
<p>Flipping prior resistance to support allows for bullish continuation back towards the cited Range High near $12, according to historically observed behavior.</p>  
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<p>If the price holds this green area as support, this would mean two important things. The first thing we’ve already touched upon – an old resistance would flip into a new support. But we must also emphasize a second thing, and that’s the possibility of the Range High resistance itself weakening:</p> 
<p>A successful retest of the $7 zone makes DOT overdue for 30%+ upside towards range resistance. But perhaps more importantly, this would demonstrate weakening seller conviction at those higher levels, increasing the probability of an eventual breakout.</p> 
<p>In summary, Rekt Capital lays out the constructive outlook for Polkadot, with DOT appearing poised to reclaim vital support, setting the stage for further upside progress over the medium-term horizon.</p> 
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<p>The post <a href="https://captainaltcoin.com/polkadot-in-the-process-of-retesting-new-support-analyst-anticipates-a-30-rally-if-dot-retests-this-level/">Polkadot In The Process Of Retesting New Support, Analyst Anticipates a 30% Rally If DOT Retests This Level</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Polkadot In The Process Of Retesting New Support, Analyst Anticipates a 30% Rally If DOT Retests This Level

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