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What you'll learn 👉
Analyzing Polkadot’s Price Movement
In light of a possible breakout pattern, there is now a very high probability of another bullish surge for Polkadot, according to a technical analysis posted on TradingView by user CobraVanguard. According to the analysis, Polkadot is presently developing a technical chart pattern known as a bullish wedge formation, which indicates a possible trend reversal from bearish to bullish.
Two converging trend lines define a bullish wedge pattern, in which the Polkadot price oscillates between them to generate lower highs and higher lows. This pattern is usually interpreted as a continuation pattern, suggesting that following a time of consolidation, the prior uptrend is expected to restart. The Polkadot analysis identifies the technical indication known as a bullish divergence. This suggests that there may be bullish momentum.
Analyzing Ethereum Classic’s Price Trend
Long-term bullishness was seen in Ethereum Classic. Since December 2023, the volume indicator has shown an increasing trend, indicating significant buying pressure. However, investor confidence has been eroded by the recent losses. The 78.6% retracement level at $22.9 was defended twice in 2024 on Ethereum Classic’s charts, according to the Fibonacci retracement levels.
The higher period market structure was also positive for Ethereum Classic, with $18.33 serving as the crucial swing low that needs to be overcome. Over the last five months, the OBV has increased, indicating a consistent level of purchases. It is, therefore, likely that the Ethereum Classic bulls will prevail despite the fact that the recent drop was severe. On the other hand, the OBV has had difficulty reaching a new, higher high since March.
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