Learn how DOT could surge to $5.1 by overcoming a crucial resistance at $4.463, supported by strong retail interest and market indicators.
Despite recent struggles, including a month-over-month decline of 7.86%, analysis of current data and technical patterns indicate strong momentum that could soon propelOn the technical front, Polkadot is set for a significant run-up into higher territories. DOT was trading within an ascending triangle pattern at press time, a configuration often seen as a precursor to a substantial rally.
Although it has recently rebounded off the resistance zone of this pattern and is trending downward, this setback is expected to persist until it reaches the next support zone within the pattern at $4.277.Should this breach occur, the next price target for DOT is set at $5.1. Conversely, a movement in the opposite direction could see the price revert to the bottom of the ascending triangle pattern.
Moreover, there has been a substantial liquidation of short positions, with traders who bet against DOT suffering heavy losses totaling $64.88 thousand as the price has not moved in their favor.The market’s strength for DOT remains robust, as indicated by the Relative Strength Index , which is on an upward trajectory forming higher highs—signaling a strong bullish presence ready to propel DOT’s price.
Despite this positive outlook, DOT might experience a short-term dip. It could align with the $4.277 support level identified by technical analysis.From this juncture, DOT is expected to initiate a vigorous rally, potentially reaching the significant target of $5.1 in upcoming trading sessions.After losing his DOGE tokens due to a limited understanding of blockchain technology, Dolapo vowed to understand and explore its vast potential.
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