Can Polkadot [DOT] break $5 after its falling wedge breakout?

DOT's upcoming upgrades, such as JAM v1.0, a 64-bit PVM, and the anticipated Polkadot 2.0 by 2025, are driving optimism for a recovery.

upcoming upgrades like JAM v1.0 for decentralized computing, a 64-bit PVM upgrade, and Polkadot 2.0 targeted for 2025, there’s growing anticipation that these developments could drive a recovery phase.was trading at $4.49, up 1.74% at press time. However, the bigger question remains whether this breakout can sustain and lead to a broader trend reversal.Polkadot has experienced an impressive increase in trading volume, up 58.26% to $139.24M.

Additionally, Polkadot’s market cap rose by 1.78%, reaching $6.78B. Therefore, the market shows clear optimism, but the next steps in price action will confirm whether this breakout holds.The breakout from the falling wedge, a bullish technical pattern, indicates a potential end to Polkadot’s prolonged downtrend. Priced at $4.49 at press time, DOT faces the next key hurdle – the $5.00 resistance level.

On the technical side, the RSI is currently at 56.53, suggesting neutral-to-bullish momentum. Furthermore, the MACD shows a bullish crossover, indicating that momentum could support further upward movement.of the stablecoin supply is controlled by whales holding more than $5 million, showing that large investors maintain confidence in DOT’s long-term outlook.Polkadot’s liquidation chart reveals $45.96K in shorts were recently liquidated, compared to $54.47K in longs.

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