Polkadot (DOT) Poised For A Move Past $12—Is Now The Time To Buy?
27 Septembre 2024 - 4:00PM
NEWSBTC
Following a long six-month corrective phase, Polkadot (DOT) is
attracting interest once more; some analysts think the token might
be about to undergo a major bullish reversal. Among these, a market
analyst referred to as “Worlds of Charts” notes that there has been
an emerging pattern of a falling wedge at times interpreted as a
sign of an imminent upward break. Related Reading: Worldcoin Soars
31%: Will Network Upgrades Push WLD Price Higher? Polkadot’s
technical configuration has been consistently gathering steam.
investors are attentively observing what might be a notable rise
coming for the thriving altcoin. $Dot#Dot Polkadot Is Exhibiting
Signs Of Reversal After A Six-Month Corrective Phase. The Formation
Of A Falling Wedge Pattern, Coupled With Pronounced Bullish
Divergence On Key Indicators, Suggests A High Probability Of A
Successful Breakout. Upon Confirmation, DOT May Target…
pic.twitter.com/1JpVUM0oHJ — World Of Charts (@WorldOfCharts1)
September 25, 2024 As long as the bigger crypto market starts to
revive, this prediction does not seem unreasonable because Polkadot
is important for blockchain interoperability and has the potential
to attract renewed investor attention. Falling Wedge: Bullish
Reversal Pattern Among the most consistent technical indications
for identifying reversals is the falling wedge formation. The token
has been moving in two downward-sloping trends, therefore
decreasing the price range. The trajectory normally points to a
declining bearish attitude; as the negative momentum fades, the
likelihood of a breakout to the upside is more intense. For
Polkadot, the trend has been developing over several months
indicating that the token might be getting ready for a significant
price ascent. Added to this is the relative strength index, another
familiar momentum indicator, that has recently made higher lows
even as the price of DOT has trended lower. Price and momentum
divergence, which always indicates decreasing selling pressure,
suggests bulls are about to reclaim control. The technical setup
favors a rally despite expected volatility. Price Growth Potential
And Market Sentiment Given that the token has increased 13% over
the past week and shows a remarkable 2.47% growth just in the last
24 hours, Polkadot’s present market mood is rather positive. These
increases show a growing demand for DOT even if more general market
conditions are yet unknown. Currently trading at $4.92, the
cryptocurrency has a market capitalization of $7.51 billion and a
minor increase in trading volume. The optimistic projection for the
next years is even more motivating. Should DOT breach its wedge
formation, experts think the price may move toward the $12
resistance level. Reaching that would be a major turn from the
current decline in the token and would create conditions for even
further increases in the next months. Polkadot: Long-Term
Projections Looking ahead, Polkadot’s development promise seems
even more remarkable. In six months, CoinCheckup projects a 311%
price growth; over the next year, it forecasts a more impressive
425% climb. These figures fit Polkadot’s continuous network
changes, including new alliances and its emphasis on increasing its
cross-chain capacity. Featured image from Polkadot, chart from
TradingView
Polkadot (COIN:DOTUSD)
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