{"id":611924,"date":"2024-06-07T14:00:29","date_gmt":"2024-06-07T14:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=611924"},"modified":"2024-06-11T14:46:33","modified_gmt":"2024-06-11T14:46:33","slug":"polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish\/","title":{"rendered":"Polkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?"},"content":{"rendered":"

Polkadot (DOT)<\/span><\/a>, a popular cryptocurrency in the blockchain space, has been making waves with its innovative approach to interoperability and scalability. However, like any financial asset, its price movement is subject to various technical analysis patterns, one of which is the rising wedge chart pattern.<\/span><\/p>\n

The formation of a rising wedge pattern on DOT’s price chart suggests that despite its recent upward trajectory,<\/span> there could be a downturn <\/span><\/a>on the horizon. Traders and investors often watch for confirmation signals such as a break below the lower base of the wedge to confirm the pattern’s validity and anticipate potential selling pressure.<\/span><\/p>\n

Currently, the price of DOT is down by -0.13%, trading at about $7.13, with a market capitalization of over $10 billion and a trading volume of over $153 Million as of the time of writing. Although its market capitalization is down by 0.39%, its trading volume is up by 0.34% in the past day.<\/span><\/p>\n

With the help of the 100-day Simple Moving Average (SMA), and Relative Strength Index (RSI), this analysis was carried out using both the 4-hour and daily timeframe.<\/span><\/p>\n

Analytical View Of DOT’s Current Price Condition<\/strong><\/h2>\n

Currently, in the 4-hour chart, DOT is still moving in a consolidation manner, with the upper base and the lower base of the wedge building up momentum below the 100-day simple moving average.<\/span><\/p>\n

\"DOT\"<\/p>\n

The 4-hour relative strength index is signaling that the price of DOT<\/a> might break below the lower base of the wedge as the RSI line is seen trending a bit below the 50% level. From this RSI formation, it can be suggested that if DOT breaks below the wedge, it will begin to move downward toward the closest key support level.<\/span><\/p>\n

Meanwhile, in the 1-day chart, DOT\u2019s price is seen trending within the wedge but close to the lower base. <\/span>The 1-day RSI also suggests that DOT might go bearish as the RSI line is attempting to cross below the 50% level. From this RSI formation, it is advised that investors should watch out for a break below the wedge before taking any sell positions.<\/span><\/p>\n

\"DOT\"<\/p>\n

Potential Price Action In The Event Of A Breakout<\/strong><\/h2>\n

Presently, the crypto asset\u2019s price is still moving within the wedge, and DOT will begin to decline in the direction of the $4.8 support level in the event that there is a breakout below the wedge. If the price falls below the aforementioned level, it might perhaps fall further to test the $3.5 support level.<\/span><\/p>\n

On the other hand, if the price reverses course and breaks above the wedge’s upper base, it will begin to rise toward the $9,8 resistance level. Should it break above this level, Polkadot will go higher to test the $11.9 resistance level. In addition, DOT might see a stronger rise to test more<\/span> significant levels<\/span><\/a> if it closes above $11.9.<\/span><\/p>\n

\"DOT\"
DOT trading at $7.243 on the 1D chart | Source: DOTUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Adobe Stock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Polkadot (DOT), a popular cryptocurrency in the blockchain space, has been making waves with its innovative approach to interoperability and scalability. However, like any financial asset, its price movement is subject to various technical analysis patterns, one of which is the rising wedge chart pattern. The formation of a rising wedge pattern on DOT’s price chart suggests that despite its recent upward trajectory, there could be a downturn on the horizon. Traders and investors often watch for confirmation signals such as a break below the lower base of the wedge to confirm the pattern’s validity and anticipate potential selling pressure. Currently, the price of DOT is down by -0.13%, trading at about $7.13, with a market capitalization of over $10 billion and a trading volume of over $153 Million as of the time of writing. Although its market capitalization is down by 0.39%, its trading volume is up by 0.34% in the past day. With the help of the 100-day Simple Moving Average (SMA), and Relative Strength Index (RSI), this analysis was carried out using both the 4-hour and daily timeframe. Analytical View Of DOT’s Current Price Condition Currently, in the 4-hour chart, DOT is still moving in a consolidation manner, with the upper base and the lower base of the wedge building up momentum below the 100-day simple moving average. The 4-hour relative strength index is signaling that the price of DOT might break below the lower base of the wedge as the RSI line is seen trending a bit below the 50% level. From this RSI formation, it can be suggested that if DOT breaks below the wedge, it will begin to move downward toward the closest key support level. Meanwhile, in the 1-day chart, DOT\u2019s price is seen trending within the wedge but close to the lower base. The 1-day RSI also suggests that DOT might go bearish as the RSI line is attempting to cross below the 50% level. From this RSI formation, it is advised that investors should watch out for a break below the wedge before taking any sell positions. Potential Price Action In The Event Of A Breakout Presently, the crypto asset\u2019s price is still moving within the wedge, and DOT will begin to decline in the direction of the $4.8 support level in the event that there is a breakout below the wedge. If the price falls below the aforementioned level, it might perhaps fall further to test the $3.5 support level. On the other hand, if the price reverses course and breaks above the wedge’s upper base, it will begin to rise toward the $9,8 resistance level. Should it break above this level, Polkadot will go higher to test the $11.9 resistance level. In addition, DOT might see a stronger rise to test more significant levels if it closes above $11.9. Featured image from Adobe Stock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":611925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83457,82444,82445,9753,16393,14763,91599,85676],"class_list":["post-611924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dot","tag-dotusd","tag-dotusdt","tag-polkadot","tag-relative-strength-index","tag-rsi","tag-simple-moving-average","tag-sma"],"acf":[],"yoast_head":"\nPolkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?<\/title>\n<meta name=\"description\" content=\"The formation of a rising wedge pattern on the chart of DOT suggests that there could be a downturn on the horizon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?","url":"http:\/\/wncen.com\/news\/polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Polkadot-from-Adobe-Stock.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Polkadot-from-Adobe-Stock.jpg?fit=1000%2C625"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["dot","dotusd","dotusdt","polkadot","relative strength index","rsi","simple moving average","sma"],"dateCreated":"2024-06-07T14:00:29Z","datePublished":"2024-06-07T14:00:29Z","dateModified":"2024-06-11T14:46:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polkadot (DOT) Forms Rising Wedge Pattern, Bullish Or Bearish?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/polkadot-dot-forms-rising-wedge-pattern-bullish-or-bearish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Polkadot-from-Adobe-Stock.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Polkadot-from-Adobe-Stock.jpg?fit=1000%2C625\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"dot\",\"dotusd\",\"dotusdt\",\"polkadot\",\"relative strength index\",\"rsi\",\"simple moving average\",\"sma\"],\"dateCreated\":\"2024-06-07T14:00:29Z\",\"datePublished\":\"2024-06-07T14:00:29Z\",\"dateModified\":\"2024-06-11T14:46:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Polkadot-from-Adobe-Stock.jpg?fit=1000%2C625","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/611924"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=611924"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/611924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/611925"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=611924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=611924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=611924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}