Crypto analyst Rekt Capital presented a technical analysis for Polkadot (DOT), highlighting the $8.60 resistance level as a potential determinant of future price trajectory.
The Importance of the $8.60 Level
Rekt Capital emphasizes the significant weekly close above the $8.60 resistance level, historically a decisive marker for DOT's price action.
DOT's Historical Scenarios
Historical data shows that in 2021, the successful retest of this level led to new all-time highs for DOT. However, a failed retest earlier in 2023 resulted in a drop to yearly lows.
Future Prospects for DOT
The analyst stresses the importance of the current retest of the $8.60 level to sustain upward momentum. Securing a monthly close above this level could point to significant potential gains.
Thus, successfully holding the $8.60 level could be crucial for Polkadot's future success, making its current test a significant moment for traders.
