Top analyst Crypto Patel expressed optimism in Polkadot (DOT), predicting a possible spike to $50. The analysis comes as DOT tests a key resistance, following a 200% price increase from previous levels.
Crypto Patel’s weekly chart analysis of DOT reveals a breakthrough from its long-term downward trend. Moreover, with DOT trading around $10.73, it is challenging the key resistance zone around $10-11.
The price movement demonstrates a 214.77% rise from the $4 support level, establishing a new market structure. Technical indicators point to multiple support zones, with $3.5-4 serving as the base during the downtrend.
The $7-8 range emerges as a strategic entry point for market participants seeking positions. The chart pattern suggests an upward momentum shift after breaking the descending trendline.
What you'll learn 👉
DOT Price Targets and Resistance Levels
The analysis outlines sequential price targets at $23, $35, and $50, based on Fibonacci extensions and historical price data. Moreover, the $50 target, reflects a substantial 1,050% gain from the base support zone.
These projections align with previous market behavior and technical formations on the weekly timeframe. Market data indicates the $10-11 zone as the primary barrier for continued upward movement.
Read also: Avalanche (AVAX) Poised for Higher Highs If Price Reclaims This Key Level
Social Media Sentiment
On social media platform X, Crypto Patel expressed confidence in DOT’s market trajectory.
“DOT is Growing Fast: $50 Could Be Next,” the analyst posted, noting their maintained position despite the 200% gain from entry. The analyst emphasized watching price action around key levels for optimal trading decisions.
The post detailed specific price zones for traders to monitor, marking $10-11 as the decisive resistance level and $7-8 as a potential buy zone. A break above current resistance could trigger the projected rally toward higher targets, according to the technical assessment.
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