Polkadot has started turning heads in the crypto market after breaking out of its recent price pattern. Top analyst World of Charts shared on X that DOT is still at a good price to buy, suggesting it could reach $8 in the coming months. Looking at the charts gives us a clear picture of where DOT’s price has been, where it’s settling now, and what price points matter going forward.
What you'll learn 👉
Polkadot Price Patterns: Breakout and Retest in Focus
The DOT chart shows a period of intense price movement, transitioning from a historic uptrend in 2021 to a prolonged downtrend indicative of a bearish market. A descending resistance trendline, originating from the all-time high, has been a significant feature, respected multiple times by the price.
A turning point emerged in late 2023 when DOT’s price broke out of a falling wedge, a pattern associated with bullish reversals. Following the breakout, the price of DOT retraced to a strong support zone between $4 and $5, consolidating in this range. This retest phase aligns with the tweet’s observation that this range could provide a favorable entry point for midterm traders.
Polkadot Support and Resistance Levels
The $4–$5 zone has acted as a robust horizontal support for DOT, with prices bouncing from this area several times. On the upside, resistance levels have been identified at $8, $12, and $20. The $8 level, described as an “easy target” in the tweet, aligns with Fibonacci retracement levels and historical price action zones.
The DOT chart suggests that if the $4–$5 support holds, DOT could rally to $8 in the midterm. Fibonacci extensions highlight this as a realistic target, reflecting a potential 77% gain from the $4.50 region.
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DOT Bullish Momentum and Market Sentiment
Though specific volume data is not displayed, the breakout pattern and consolidation phase often indicate increasing buying interest. The tweet emphasizes this bullish sentiment, suggesting Polkadot’s price is poised to resume its upward trajectory once market conditions align.
Finally, DOT’s price movements and chart patterns align with the midterm bullish outlook shared in the tweet, providing an optimistic yet data-driven perspective. Market participants are advised to closely watch the $4–$5 range for signs of sustained support as DOT gears up for potential midterm growth.
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