Polkadot (DOT) Must Reclaim This Price to Continue Upward Rally; Upcoming Token Burn Event Strengthens Bullish Narrative

According to crypto analysts, Polkadot (DOT) needs to reclaim a specific price level to sustain its bullish trend and potentially continue its upward rally. The analyst known as CryptoYoddha highlighted that DOT needs to surpass the range above $12 to maintain its current bullish momentum, indicating the formation of a new higher high.

Corroborating this analysis, altFINS provided a detailed trade setup for Polkadot. According to their assessment, DOT’s price is currently in an uptrend following a bullish breakout from a falling wedge pattern. However, after reaching the $12 resistance level, the price experienced a rejection and pulled back below the $10 support zone.

altFINS identifies the next support level at $8, which could present an attractive swing entry opportunity in the ongoing uptrend. If this level holds, altFINS suggests a potential upside target of $10, with the possibility of even reaching $12 if the resistance is broken. The recommended stop-loss level is set at $7.20.

Regarding the overall trend, altFINS considers Polkadot to be in an uptrend across short, medium, and long-term time horizons. While momentum indicators are mixed, with the MACD line below the MACD signal line (bearish) and the RSI around 50 (neutral), the analyst remains optimistic about the upward trajectory.

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Furthermore, an upcoming event in the Polkadot ecosystem is garnering attention from holders and potentially strengthening the bullish narrative. As highlighted by the analyst known as The White Rabbit, in just four days, the Polkadot treasury will burn 386,870 DOT tokens, a monthly ritual cherished by holders.

Token burns, where a portion of the circulating supply is permanently removed from circulation, are often viewed as a positive event for a cryptocurrency, as it can potentially increase scarcity and drive up demand, ultimately leading to price appreciation.

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.