Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The recent rally has entered a price consolidation above $5.
• DOT’s Open Interest rates fluctuated amidst neutral sentiment.

Polkadot [DOT] recovered from substantial losses in early June after Bitcoin’s [BTC] sharp rally. However, DOT was far from reclaiming its April high of $7. It traded at $5.08 at the time of writing and remained constricted within a key price range since 24 June. 

Read Polkadot’s [DOT] Price Prediction 2023-24

A recent report examined Cosmos and Polkadot ecosystems – enumerating positive similarities while acknowledging likely downsides. In the meantime, BTC consolidated above $30k, reinforcing the bulls’ expectation of further upside move. 

Consolidation before a pump?

Initially, DOT consolidated within the $4.3 – $4.7 range between 10-20 June. It inflicted a bullish breakout on 20 June following BTC’s sharp rally to $31k, hitting a recent high near $5.21. With BTC fluctuations above $30k, DOT also chalked a near-term range formation above $5.0. 

DOT’s price action has been constricting within the $5.0 – $5.21 range since 23 June. Unless BTC gives a clear direction, DOT’s short-term range bound could persist in the next few hours/days. So, targeting range extremes could offer minimal

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Author: Suzuki Shillsalot

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