Polkadot’s price has been consolidating over the past couple of months, following a steep decline in early April. On the daily chart, the cryptocurrency has been range-bound inside a rising wedge pattern. This is a classical bearish reversal or continuation pattern that would be validated if the price breaks it to the downside. Meanwhile, the market has also been hovering around the 200-day moving average, making gradual higher highs and lows. There is a considerable possibility for DOT to break the pattern to the upside and rally toward the $9 resistance level.
Source: CryptoVizArt, 2024-06-04; https://cryptopotato.com/calm-before-the-storm-dot-ready-to-rally-to-9-polkadot-price-analysis/