Polkadot (DOT) Gearing Up For ‘Massive Breakout’, Will It Skyrocket To $20?
16 Ottobre 2024 - 1:30PM
NEWSBTC
Polkadot (DOT) has seen a price increase in the daily timeframe as
the crypto market soars. Some market watchers suggested the
cryptocurrency is gearing up for a breakout, setting new targets
for the short and mid-term timeframes. Related Reading: Crypto
Prices Go Up: A ‘Cautious Bullish’ Outlook Amid Fed Worries And
Market Volatility Polkadot Breaks Out Of Falling Wedge Pattern
Polkadot has registered a 10.9% increase in the last week following
the market’s performance. DOT jumped from the $4.32 support zone to
the $4.53 mark before retracing, registering a 4.8% daily surge in
the early hours of Tuesday. The cryptocurrency also saw a 56% rise
in market activity, recording a $259.3 million daily trading
volume. This increase has made DOT retest the upper trendline of a
falling wedge pattern. Market analyst CryptoBull360 stated that
Polkadot is “getting ready for a massive breakout” from the bullish
pattern after a long consolidation period. DOT has been moving
within the falling wedge for the past seven months, consolidating
between $4-$4.8 since August’s Black Monday. The analyst noted that
the token had a strong bounce from the Point of Control (PoC) value
zone, surging 11% in the last three days. Today’s jump saw the
token break above the pattern’s upper trendline, momentarily
sitting above it. CryptoBull360 expects a retest of March highs if
the token successfully breaks out of the falling wedge. To him, a
160% surge for the midterm is imminent, which would target the
$11.46 yearly high. Is DOT Preparing To Reclaim $20? Crypto analyst
Ali Martinez suggested that Polkadot could “be following Fantom’s
footsteps.” Per the post, DOT’s chart looks similar to Fantom’s
before its March performance. Ahead of the Q1 rally, FTM rose two
times to the upper range of its accumulation zone and retraced
before its 263% bullish run toward its yearly high. If Polkadot
were to follow, and its current pattern holds, DOT’s price could
rise to $9.7 in Q4. Following the surge, the cryptocurrency would
face a pullback to the $6.5-$6.7 support zone before skyrocketing
to $20 by Q1 2025, a level not seen since April 2022. Related
Reading: Bitcoin’s Road To $70,000? Analysts Set Next Targets As
BTC Retests Key Levels Despite the bullish forecasts, some
investors remain cautious about Polkadot. A crypto trader noted
that DOT followed Bitcoin’s lead like most of the market. The
cryptocurrency surged to its daily high of $4.53 as BTC retested
the $67,000 resistance level. However, DOT quickly fell to Monday’s
levels as BTC was rejected from its resistance zone. The trader
questioned DOT’s 24-hour trend, stating, “BTC stops pumping, DOT
rises a few percent, while most things don’t rise, as soon as it
gets going, the entire market falls and DOT immediately loses
everything it had previously gained.” As of this writing, DOT is
trading at $4.42, a 2.2% increase in the daily timeframe. Featured
Image from Unsplash.com, Chart from TradingView.com
Grafico Azioni Polkadot (COIN:DOTUSD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Polkadot (COIN:DOTUSD)
Storico
Da Dic 2023 a Dic 2024