Polkadot (DOT) Price Analysis – This Pattern Signals Uptrend Ahead

Polkadot’s native token, DOT, is up 4% this week, trading around $6.92 at the time of writing. While this is a decent weekly gain, DOT’s price is still down from its 2023 yearly high of around $8.50 set in early November last year.

According to analysis from altFINs, DOT’s technical setup suggests potential for an uptrend in the near-term.

Trade Setup

DOT’s trends are currently mixed, according to altFINs. While price action has been consolidation and pullbacks recently, DOT is starting to form a bullish Falling Wedge pattern on its chart.

Trend Traders may want to wait for a clear breakout from this pattern before entering new bullish positions, as a break above the upper falling trendline could see upside potential to the $8.00 area thereafter.

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Swing Traders have the option to try entering long on pullbacks toward support around $5.35 – $5.80 to capitalize on the emerging Falling Wedge. This would be an attractive zone for swing entries targeting further upside.

Pattern & Indicators

The Falling Wedge is usually a bullish pattern, with price breaking upward when contracting trendlines finally converge. DOT’s neutral/mixed momentum signals (MACD bullish, RSI neutral around 50) suggest traders may want confirmation before trading the pattern.

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Source: altFINS – Start using it today

DOT shows a neutral trend outlook on the medium-term time frame but remains in established uptrends for the short- and long-term. This aligns with altFIN’s analysis suggesting upside potential after its current corrective phase.

Support & Resistance

Key DOT support levels come in around $5.80 then the psychological $5.00 area under that. Major resistance is expected around $8.00 where DOT posted its recent 2023 high, with more distant resistance toward $10.00.

Overall, DOT’s technical picture offers the ingredients for a possible trend reversal and resumption of its broader uptrend in the near future. Traders can watch for entries when support or resistance levels align with patterns or indicators signaling high-probability upside potential.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!