Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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 \u2018Cautious Bullish\u2019 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\u2019s 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 \u201cgetting ready for a massive breakout\u201d 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\u2019s 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\u2019s jump saw the token break above the pattern\u2019s 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 \u201cbe following Fantom\u2019s footsteps.\u201d Per the post, DOT\u2019s chart looks similar to Fantom\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s levels as BTC was rejected from its resistance zone. The trader questioned DOT\u2019s 24-hour trend, stating, \u201cBTC 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.\u201d 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<\/p>\n","protected":false},"author":614,"featured_media":646177,"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":[428,1119,26263,10923,85288,16925,89756,83457,82445,9753,86407],"class_list":["post-648193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-crash","tag-crypto-rally","tag-crypto-trader","tag-dot","tag-dotusdt","tag-polkadot","tag-polkadot-bullish"],"acf":[],"yoast_head":"\n
Polkadot (DOT) Gearing Up For \u2018Massive Breakout\u2019, Will It Hit $20?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n