Technical analysis has, to a great extent, been a pointer to price direction. Although other factors move the market, the price behavior could help predict where a token could be headed next, and that is the case with DOT price in its current state.
The current Polkadot price trajectory suggests that we may be expecting a significant move in the coming days.
According to World of Charts on X, DOT price has been trading within a defined range for some time now. The price has consistently bounced off the bottom of the range as support and then reached for the top as resistance. Now that Polakadot price is at the bottom again, it could be time for a rally, and the price target? $11.
Polkadot Technical Analysis Breakdown
Looking at the DOT/USDT chart on the 3-day timeframe, we can see several important developments. Since reaching its peak in 2021, Polkadot has experienced a prolonged downtrend. However, the past year has shown a different pattern, with the price settling into a more stable, range-bound movement.
The analysis from World of Charts highlights a crucial support zone between $4.00 and $5.00, which has repeatedly demonstrated its strength by holding firm against selling pressure. On the upper end, the $11.00 mark serves as the primary resistance level, representing the range’s ceiling.
Between these boundaries, the $7.50-$8.00 area acts as a significant mid-range point where price action often experiences temporary pauses.
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The chart posted by World of Charts reveals multiple falling wedge breakouts in the past, each followed by notable rallies. The current setup mirrors these previous patterns, with another wedge breakout recently occurring. Adding to this bullish case is the formation of higher lows, suggesting steady accumulation by buyers.
Based on the current technical setup, World of Charts expects Polkadot to make a move toward the $11.00 resistance level in the coming days. This projection is supported by the recent bounce from support and the overall market structure and could lead to a 100% rally from the current level of around $5.
