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Polkadot (DOT) Shows Bullish Signals as the Altcoin Prepares for a Possible Bullish Breakout

source-logo  cryptonewsland.com 10 July 2024 12:44, UTC
  • The crypto market eases into a steady recovery zone and altcoins show bullish potential.
  • Amongst these altcoins are Polkadot (DOT) preparing to make a bullish breakout.
  • Will DOT blast through this critical retest zone or will it decline again?

The crypto market steadily moves through the recovery phase as Bitcoin (BTC) maintains the above $58,000 price mark. As Bitcoin moves in an upward trajectory, many altcoins are also showing signs of highly bullish uptrends.

Some altcoins have been showing bullish signs for months while others are showing bullish signs due to recent project announcements. These altcoins include Cardano (ADA) JasmyCoin (JASMY) VeChain (VET), WadzPay (WTK), and many more.

One altcoin that’s buzzing today is Polkadot (DOT). According to TrdingView charts, the price of DOT is turning bullish. In precious bull cycles, DOT has been one of the standout performers, showing remarkable resilience during the recent market correction.

In the last few weeks, Polkadot (DOT) has been navigating a falling wedge pattern. Presently, DOT/USDT is aiming to retest the upper resistance of the pattern. If it were to break out of this formation, DOT could turn bullish.

In fact, according to some analysts, these are bullish signals indicating that a bullish breakout is quite promising. Furthermore, the analyst adds that a successful retest will reinforce and confirm this breakout for DOT price.

Adding on, the analyst says that if the price falls back into the wedge, then it is likely that Polkadot (DOT) will retest its support at $4.850. This level will be a key indicator of DOT’s strength, and a failure to hold here could signify a potential decline.

Finally, the analyst adds that should the macro market sentiment turn bearish with significant selling pressure, the price might revisit its liquidity-packed area and strong medium-term support between $4.0 and $3.7. More importantly, this zone is critical as it has historically provided substantial support.