Polkadot’s DOT token has seen its price surge higher over the past few weeks after finding support around the $3.5 level in mid-October. Since then, the price of DOT has gained more than 40%, reaching over $5.3 at the time of writing, according to industry price data.
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Breaking Out of Descending Channel
The recent price increase allowed Polkadot to break out of a descending price channel that had constrained price action since January of this year. After retesting support around $5 last week, DOT has gained another 14% as bullish momentum builds.
Monthly Outlook Improving
According to crypto analyst Rekt Capital, the improving technical outlook for DOT is evident when looking at the monthly timeframe. As stated in a recent tweet, “Polkadot is now attempting a breakout from its main pattern. Polkadot is on the cusp of entering a new macro uptrend.”
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The analyst sees the potential for further upside ahead as Polkadot breaks out of the broader downtrend that has defined price action for most of 2023. With the monthly close approaching, a move above the previous 2023 highs could signal the start of a new uptrend for the cryptocurrency.
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