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Cryptocurrency News Articles
Polkadot (DOT) Price Approaches Key Resistance—Is a Breakout to $12 Possible?
Sep 27, 2024 at 02:15 am
World of Charts, a top analyst, reported on X (formerly Twitter) that Polkadot (DOT) is showing signs of reversal after a six-month corrective phase.
Top crypto analyst World of Charts noted on X (formerly Twitter) that Polkadot (DOT) is displaying signs of reversal after a six-month corrective phase. He noted the formation of a falling wedge pattern, coupled with pronounced bullish divergence on key indicators, suggesting a high probability of a successful breakout.
Upon confirmation, the analyst noted a compelling buying opportunity as DOT price may be eyeing the $12 level next.
Polkadot Technical Analysis: Falling Wedge Pattern, Key Indicators
World of Charts DOT analysis reveals a well-defined falling wedge pattern, a bullish reversal signal, after a six-month correction. The price is approaching a critical resistance level as it interacts with a descending trendline.
Several short-term bullish breakouts are observed, indicating increasing momentum for a potential breakout. The exponential moving average (EMA) shows the price testing dynamic resistance, while the RSI (Relative Strength Index) is positioned at 60.57, a level that favors a bullish bias. This increasing momentum is supported by a slight uptick in trading volume, suggesting that DOT price may be poised to break above the wedge pattern.
RSI Divergence, Breakout Potential
ScoottMelker, another renowned analyst, shared a DOT chart on TradingView, highlighting the bullish divergence between the price and RSI. As the price makes lower lows, the RSI is making higher lows, a strong indication that the downtrend may be losing steam.
This divergence often signals an upcoming reversal and, in the case of Polkadot, supports the bullish outlook. Should DOT price break through the descending resistance line of the falling wedge, the analyst predicts that the price "could fly."
Furthermore, World of Charts has projected a potential upside of up to $12, which represents a 125% increase from its current levels.
Analyst on Polkadot Market Conditions
Highlighting the market setup, Scott Melker noted that while the pattern has not yet confirmed a breakout, the token is approaching a key juncture.
"Waiting for price to decisively break above the resistance on the higher volume for a long," the analyst noted, advising traders to wait for the breakout confirmation before considering a long position.
Trading Alpha has also indicated signs of momentum, with indicators suggesting a heating market. However, as with Melker’s analysis, a breakout confirmation is key to validating the upward move.
While DOT is showing strong bullish potential, both analyses suggest caution and waiting for the breakout to materialize with sufficient volume.
A close above the $5 range could be the first signal of a true reversal, providing traders with a buying opportunity. Until then, market participants should stay patient and monitor the price action closely. Moreover, if the breakout does occur, Polkadot could be on its way to reclaiming higher levels, with $12 in sight.
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