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.
What you'll learn 👉
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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Show more +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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