Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal

Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal


Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41-$43 range decisively.

That’s according to a classic bullish reversal setup known as an Inverse Head and Shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation.

Specifically, the pattern contains an initial selloff, followed by a short-term price rally and another—deeper—selloff. That leads to one more small correction to the upside, followed by another selloff that bottoms out near/at the lowest level of the first selloff.

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Inverse Head and Shoulders pattern illustration. Source: ThinkMarkets

The first and last selloffs represent “left” and “right” shoulders, respectively, while the second selloff represents the “head.” On the other hand, the level around which

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